By Daily Mail (U.S.) | Created at 2024-11-21 14:11:41 | Updated at 2024-11-21 18:23:43
4 hours ago
Big Lots has announced the closure of more stores as it moves through bankruptcy proceedings.
The discount retailer filed for Chapter 11 bankruptcy in September, and is awaiting court approval for its sale to an investment firm.
The Ohio-based chain, which currently has around 1,100 stores, initially planned to close around 555 stores and has so far closed more than 270 of those.
The additional round of closures will affect locations in Phoenix, Arizona, Atlanta, Georgia, and Meridian, Idaho.
There are also five more California stores and three more Texas sites on the new list.
'We continue to evaluate store closings in light of lease renegotiations and other considerations, and remain committed to keeping our customers informed as we move forward,' Big Lots said in a statement to Nexstar.
More than 200 hundred further Big Lots stores appear to be continuing to navigate the closure process, Nexstar reported.
The remaining stores appear to be preparing for the holiday shopping period like other retailers.
Big Lots filed for bankruptcy in September and is now waiting for a court to approve its sale
18 more Big Lots set to close for good
Arizona: Phoenix
California: Bakersfield, Los Angeles, Murrieta, Redondo Beach, and Tulare
Florida: Fort Walton Beach
Georgia: Atlanta
Idaho: Meridian
Nevada: Las Vegas (Centennial) and Sparks
Oregon: Hermiston, Medford, and Roseburg
Texas: Porter, San Antonio (Castle Hills), and Webster
Washington: Moses Lake
As such, the company's remaining stores will be open on Thanksgiving from 7am to 9pm.
Big Lots announced it was also putting on 'Black Friday Friday's' sales from December 6 onwards.
It also launched a new app last week, 'designed to enhance the shopping experience for its valued customers.'
The company remains in bankruptcy proceedings while it awaits for court approval for its acquisition by Nexus Capital Management.
Store closure plans are not final until the acquisition is complete, as the new owner will have the right to keep stores previously slated to close or make even bigger cuts.
If all the stores set to close do so, the company would be left with around 830 locations.
Some of the brick-and-mortar locations have been auctioned off to the likes of Ollie's Bargain Outlet and Burlington.
The Chapter 11 filing from Big Lots is the latest from big American retailers and restaurant chains, with the highest profile until now being Red Lobster.
A total of 21 have filed for bankruptcy in the first half of this year - the most since the pandemic wrecked havoc with businesses in 2020, S&P said in a July report.
But several other retailers this year hoping to restructure have ended up having to close down entirely and sell off their stock, including dollar store 99 Cents Only, home improvement chain LL Flooring and furniture retailer Conn's.
The discount retailer is still preparing for the holiday shopping period like other stores
The Big Lots in Fort Walton Beach, Florida has been added to the list of stores set to close
Big Lots - which three months ago said it had 'substantial doubt about the Company's ability to continue' - has secured $707.5 million to keep it going.
Retail analyst Neil Saunders said bankruptcy was 'the inevitable destination' for a chain that had posted 16 consecutive quarters of sales declines.
Saunders, head of retail at GlobalData, pointed out one major factor for customers ditching Big Lots - that it is bad bad value, which 'undermines the retailer's key point of differentiation'.
