Discount retailer Big Lots plans to close 35 to 40 stores by the end of the year as revealed in an SEC filing, citing concerns about the company's future viability due to decreased consumer spending amid inflation. The Ohio-based chain, with over 1,300 stores nationwide, reported a significant net loss of $205 million for the first quarter of fiscal year 2024, with a 10.2% drop in sales compared to the previous year. CEO Bruce Thorn attributed the sales decline to reduced spending on high-ticket discretionary items by core customers. Despite facing financial challenges, Big Lots remains committed to driving sales growth and improving margins through strategic initiatives. The company's struggles, highlighted by a history of losses and financial instability, have raised bankruptcy concerns.