Discount home goods retailer Big Lots revealed it is planning to shutter more stores this year and may be facing permanent closure – the latest major chain to face financial ruin as inflation-battered shoppers pull back on spending.

The Ohio-based company – which has around 1,400 stores nationwide – disclosed dismal fiscal reports in a June SEC filing and said it plans to close between 35 to 40 stores this year, following the 52 stores closed in 2023.

The Big Lots report said “elevated inflation” has put a damper on customers’ “buying power” – resulting in big losses for the company and “substantial doubt” about its ability to continue operations.

Company net sales decreased $114.5 million, or 10.2%, in the first quarter compared to the first quarter of 2023, the report said.