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In an SEC filing, the Ohio-based discounter revealed it plans to close between 35 to 40 stores in 2024, putting the blame on elevated inflation that has put a damper on customers buying power. Big Lots, which has been working to shore up its liquidity the past few months, also raised doubts about its ability to survive. 

In the filing, Big Lots, which has over 1,300 stores nationwide, noted it had net losses and used cash in operating activities in 2022, 2023 as well as the first quarter of 2024. While it currently is in compliance with its credit agreements, the retailer said that it "expects to experience further operating losses and expects to experience difficulty remaining in compliance with such covenants."