Discount home goods retailer Big Lots is reportedly on the brink of bankruptcy after years of falling sales. 

The beleaguered chain may seek Chapter 11 protection within weeks, according to Bloomberg, if it is not able to find investors. 

The Ohio-based company runs around 1,400 stores across the US, after closing hundreds of locations earlier this year.  Big Lots stock plummeted as much as 50 percent Thursday morning, falling to $0.56 a share at time of publication. 

CEO Bruce Thorn warned during the company’s last earnings call that Americans were cutting back spending on big ticket items, especially for furniture, which was hurting sales. Big Lots received a loan earlier this year to help navigate its liquidity problems, Bloomberg reported, and it has been seeking additional financing in recent weeks. 

The chain has seen its takings fall consistently for each of the past ten quarters. It lost an eye-watering $132 million in the first three months of 2024. 

Representatives from the company did not respond to the outlet’s requests for comment on its plans. 

It comes after Big Lots identified scores of locations across states such as Connecticut, Massachusetts, Michigan, New Hampshire and Vermont which are due to close.

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