Bankrupt retail chain is victim of a disturbing trend
The retail chain was a favorite of bargain hunters.
It's been a tough run for discount retailers, with many closing stores or filing for bankruptcy in recent years. Rising interest rates and persistent inflation have battered discount stores, some of which enjoyed broad success during the pandemic when Americans were in cost-cutting mode.
In mid-2024, Dollar Tree announced plans to close almost 1,000 stores in response to a bleak fourth fiscal quarter. And in September 2024, Big Lots filed for bankruptcy with initial plans to shutter its nearly 1,400 locations. It later reached a deal to keep some, but not all, of its stores and distribution centers open.
