Big Lots, the discount retailer known for furniture and home décor, is facing an increasing number of store closures as it navigates through Chapter 11 bankruptcy protection. Initially, nine out of 28 stores in Illinois were set for closure, but recent updates from the company’s website reveal that Illinois is now losing four additional Big Lots locations. Residents in Champaign, Country Club Hills, Franklin Park, and Round Lake Beach will see their local stores shutter, following earlier closures in the Chicago suburbs, including Burbank, Calumet City, and others, according to NBC Chicago.
Following an earlier bankruptcy filing cited by the retailer as a response to economic pressures like high inflation and interest rates, Big Lots announced last month their intention to close up to 315 stores, as reported by CBS News. The collapse of consumer demand for certain products has contributed to the company’s financial woes.
The concerns of Big Lots extend beyond the borders of Illinois. On a national scale, the company is increasing its tally of closures, bringing an additional 56 stores across 27 states to a halt. In a regulatory filing noted on Friday and mentioned in a CBS News report, Big Lots detailed the latest cuts. This move comes just a week after 46 stores in 23 states were already on the chopping block…