Big Lots to close more than 300 locations

(CNN)– Big Lots is closing more than 300 locations across the U.S. or about 4% of its stores.

It follows an earlier warning by the company that its future was in substantial doubt amid ongoing financial troubles.

During its most recent earnings report in June, the discount retailer said it planned to close as many as 40 stores.

That’s when it recorded a 10% decrease in sales and a 205 million dollar loss for the quarter because customers are cutting back on spending.

In a recent regulatory filing, Big Lots said it would increase the number of closures to 315 stores.