This one hurts! Big Lots is looking to close several locations and may face multiple closures in Texas.

In a filing to the U.S. Securities and Exchange Commission, discount retailer Big Lots said that it plans to shut down 35 to 40 stores this year as they deal with declining sales, rising prices and a downturn in consumer spending.

While they will be closing stores, they also said they would be opening three new stores. The company reported 1,392 operating stores at the start of 2024, down from 1,425 in the first quarter of 2023.

Big Lots had announced announced earlier this year the closure of stores in California and Colorado. The store closures were part of a strategic decision by Big Lots to open locations in less-populated areas while closing them in big cities.

Big Lots did not give a list of which locations would be affected. There are currently 116 Big Lots in Texas, so we do have a chance that we may see our favorite location shutting down.

It's been a rough start to the year, and 2023 was not that great for many big brands either. This year alone, many retailers like Rite Aid, Bed Bath & Beyond, Walgreens and Macy's announced several store closures of locations that were underperforming. And we've seen bankruptcy announcements from places like Red Lobster and Hooters.

Even retail giants like Walmart and Target are facing several closures! These retail giants are just the tip of the iceberg; there are so many more brand stores that could be  facing closures in the future.