Customers are wondering what happened to Big Lots after the discount retailer announced on Monday, September 9, that it filed for bankruptcy. Specifically, Big Lots has begun the process for Chapter 11 bankruptcy and the vast majority of its stores and operations are set to be acquired near the end of the year by Nexus Capital Management, a private equity firm, as noted in a press release. This is in light of numerous Big Lots stores already set to close down in 2024, with many offering clearance sales.
Why did Big Lots file for Chapter 11 bankruptcy?
Big Lots filed for bankruptcy mainly due to being “adversely affected” by high inflation and interest rates, stating that the discretionary spending for its core customers has been “curbed.”
For broader context, the retailed submitted a regulatory filing in June 2024 where it admitted that there was a “significant likelihood” that the company would default on a 2022 loan. Big Lots also said that it had “substantial doubt” about its ability to continue as a business.
As such, the company would be closing down more than 300 stores, out of a total of 1389, though it’s unclear which ones will be closing and for how long they will be remain open. This is despite the chain saying that the “majority of [its] store locations are profitable.”
Big Lots filing for bankruptcy is unfortunately part of a larger trend of discount retailers struggling and going out of business over the past few years across the United States. This includes other franchises like Dollar General, 99 Cents Only, LL Flooring, and Bob’s.
Which Big Lots stores are closing down?
While Big Lots has not put out a specific list of stores that are closing down, there are a few ways to check whether your nearest Big Lots store is going out of business.
If you check the retailer’s main website, you can find a list of every Big Lots store in your state and the one that is closest to you. Clicking on a specific store will lead you to a page that will tell you if that store is closing down with a orange banner, like this one in Fontana, California. You will also find a phone number for the store, which you can call to confirm whether the location is closing down.
Meanwhile, many products on the site have been filed in the online store’s clearance section under deals.
