Part 2/9:
The most significant closure announcement comes from Big Lots, which has confirmed plans to shut down 1,400 stores nationwide. This is not merely a random occurrence; Big Lots has been struggling for years, plagued by mounting debt and declining consumer spending. Having filed for Chapter 11 bankruptcy, the company failed to secure an investment that could have salvaged its future.
The implications of Big Lots' closure are grim. If we consider an average of 15 to 20 employees per store, the closure of these stores translates to nearly 28,000 jobs lost. This figure alone underscores the severity of the situation, suggesting that the retail sector is on the brink of a full-blown collapse.