Another Major Retailer Is Declaring Bankruptcy, Hundreds of Stores Closing

There is another casualty in the retail sector in the United States. A huge big box discount retail chain with locations across Texas and the United States has filed for bankruptcy protection just months after announcing they would close some at least 40 locations nationwide.

Big Lots filed for bankruptcy on Monday and announced that they would close about 300 locations across the United States. At the end of May, just 1,300 locations remained open, down from 1,424 locations in early 2023.

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According to the Wall Street Journal, Big Lots has for the most part posted quarterly losses since 2022. The furniture and home-decor discount store has been closing store locations since the rough economic times hit.

READ MORE: Discount Retailer In Texas To Close Up To 40 Stores This Year

2024 has been a rough year for big and small businesses. The economy continues to be one of the key reasons why so many businesses are failing. Meanwhile, the American people continue spend money in some areas but continue to cut back in others, like home decor. According to the Wall Street Journal, there have been a total of 21 retail bankruptcy filings in 2024.

“The total of 21 retail bankruptcy filings in 2024 through July 16 is so far higher than in the same period of any year since 2020,” S&P Global said in a July report.

Of course with the closing of at least 300 locations, that will end up putting more people out of work and hurting local economies.