Discount retailer Big Lots announced plans to close 56 more stores across the US as part of its ongoing Chapter 11 bankruptcy proceedings.
This news comes after the company filed for bankruptcy in early September and announced plans to sell itself to investment firm Nexus Capital Management.
This round of closures follows previous shutdowns earlier this year, bringing the total number of closed or soon-to-be-closed Big Lots locations to over 550.
READ: Big Lots Files For Bankruptcy, Blaming High Inflation Under Biden-Harris Admin
Big Lots CEO Bruce Thorn stated that while most of their stores are profitable, the company aims to streamline operations and better serve customers with a “more focused footprint.” The Chapter 11 process allows them to optimize their store fleet and ensure efficiency.
Big Lots has faced financial challenges, reporting a net loss of nearly $238.46 million in the second quarter of this year. Net sales also declined by over 8% compared to the same period last year.
The sale to Nexus Capital Management is expected to be finalized through a court-supervised auction. Big Lots hopes this restructuring will help the company regain stability and continue operations with a smaller, more sustainable store network.
Closures Across the Country
The affected stores are located in 27 states, including:
- Alabama
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Florida
- Georgia
- Illinois
- Indiana
- Iowa
- Kansas
- Louisiana
- Maryland
- Michigan
- Missouri
- Nebraska
- New Mexico
- North Carolina
- Ohio
- Oklahoma
- Pennsylvania
- Tennessee
- Texas
- Virginia
- Washington
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