Finance
Shoppers Rush for Deals as Retailer Closes 550 Stores Amid Bankruptcy
Clear Facts
- Big Lots is closing approximately 550 stores, with 250 shutting down by mid-January.
- The company is undergoing chapter 11 bankruptcy protection and has been acquired by private equity firm Nexus.
- Big Lots aims to optimize its operational footprint and improve performance while maintaining customer focus.
Big Lots shoppers should act quickly to take advantage of deals, as the retail chain is closing a significant number of its stores. Initially, the company announced plans to shutter 300 stores, but that number has now increased to around 550. By mid-January, 250 of these locations will have closed their doors.
This development comes as Big Lots navigates chapter 11 bankruptcy protection and transitions ownership to private equity firm Nexus. The company is taking these steps to stabilize financially and streamline its operations.
Bruce Thorn, President and CEO, emphasized the company’s dedication to its customers during this period of change.
“We are proud of the work we do every day across Big Lots to provide our customers with unmistakable value and exceptional savings, as well as building stronger communities through our philanthropic efforts,” Thorn stated.
He added that the new ownership would help Big Lots achieve financial stability and operational efficiency.
“The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,” Thorn said.
Despite the closures, Thorn reassured customers of the company’s ongoing commitment to them.
“We appreciate the tremendous loyalty of our customers, and our core purpose of helping them ‘Live BIG and Save LOTS’ has never been stronger,” he said.
Thorn also expressed gratitude for the hard work of Big Lots’ employees and the support of its vendors.
“We are grateful for the hard work and dedication of our associates who remain focused on delivering the best service possible for our valued customers, and we deeply appreciate the partnership of our vendors as we start a new chapter for our business,” he noted.
The decision to close stores is part of a strategic effort to ensure the company’s long-term success.
“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers,” Thorn explained.
He further elaborated on the company’s plans to optimize its store fleet in an orderly manner.
“To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner,” Thorn concluded.
As Big Lots undergoes these significant changes, customers can still expect to find extreme bargains and a commitment to excellent service both in-store and online.
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