DUNMORE, Pa. — Big Lots has released some troubling numbers. The company says they have lost more than 200 million dollars in the first quarter of the year, and sales are down more than 10%.
Big Lots has 1,300 hundred stores in 48 states. There are more than 70 in Pennsylvania. The store's stock is trading for $1.45 a share. The 52-week high was $11.
The head of the company blames inflation for consumers cutting back on spending. Management is trying to trim costs, increase productivity, and close poorly performing stores. According to the New York Post and Yahoo Finance, Big Lots plans to close about 40 stores this year after closing 50 last year. Both the Post and Yahoo say Chapter 11 bankruptcy is a possibility.
Big Lots management isn't publicly commenting on the chain's potential demise.