Big Lots Set to Close Up to 315 Stores

Discount chain Big Lots received approval to shut down hundreds of outlets, after the company expressed “substantial doubt” on continuing business operations. The store closure approval is part of a recent amendment made to a 2022 credit agreement with lenders, the company said in an Aug. 2 filing with the U.S. Securities and Exchange Commission (SEC). The agreement originally gave approval to close up to 150 outlets, and the amendment boosted it up to 315. In addition, a $900 million credit facility was reduced to $800 million and interest rates on borrowings have been raised by 50 basis points. Big Lots has 1,392 stores across the United States, according to a June SEC filing. The closure of 315 outlets would represent more than 22 percent of its total shops. The store count has already been reduced from last year’s 1,425 outlets....