Wed Oct 16 15:30:00 UTC 2024: ## Big Lots to Close 56 More Stores Amid Bankruptcy Proceedings
**COLUMBUS, OH** – Big Lots Inc., the discount retailer known for its home goods and furniture, is set to close an additional 56 stores as part of its Chapter 11 bankruptcy proceedings, according to a Friday filing. The closures, which are subject to potential objections by relevant parties before Wednesday, add to the numerous stores the company has already shuttered this year.
The company is planning to sell its chain of stores through a court-supervised process to Nexus Capital Management, its stalking horse bidder. Big Lots initially filed for bankruptcy in early September, citing the need to maximize value and ensure continued operations. The sale to Nexus is contingent upon the investment firm winning a court-supervised auction.
“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,” said CEO Bruce Thorn. “To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”
The closures come as Big Lots struggles with declining sales and mounting losses. The company reported an 8% drop in net sales to $1.05 billion in the second quarter, alongside a $238.46 million net loss.
The affected stores are located across numerous states, including California, Texas, Nebraska, New Mexico, Ohio, Pennsylvania, Michigan, Georgia, Tennessee, Illinois, Arkansas, Alabama, Connecticut, Virginia, Indiana, Iowa, Colorado, Missouri, Washington, Arizona, Maryland, Kansas, Louisiana, Florida, Oklahoma, Wisconsin, and North Carolina.
The company has not yet released a specific list of the stores slated for closure.
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