Big Lots could potentially close 315 stores

Store Closures and Financial Adjustments - The company has increased the number of permitted store closures to a maximum of 315, up from the previously allowed 150, as part of amendments to its credit agreement and term loan facility [1] - The credit agreement's aggregate commitments were reduced by $100 million to$800 million, and the borrowing interest rate was increased by 50 basis points [2] - The company is taking aggressive actions to address underperforming stores, including closing certain locations, as part of its strategy to build a stronger business [2][3] Company Strategy and Performance - The company is focused on returning to its roots, owning the bargain space, and delivering unmistakable value to customers [4] - Big Lots has identified five key actions: owning bargains, communicating unmistakable value, increasing store relevance, winning customers for life through omnichannel efforts, and driving productivity [5] - The company aims to drive positive comparable sales growth in the latter part of the year and into 2025, while maintaining year-over-year gross margin rate improvements [5] Financial and Market Performance - Shares of Big Lots increased by over 21% on Wednesday but remain down nearly 86.5% from the start of the year [5] - The company had previously indicated 35 to 40 store closures and three openings expected this year, while also expressing substantial doubt about its ability to continue due to inflation-related pullbacks in consumer spending [4]