Big Lots bankruptcy: List of store locations closing in new Chapter 11 filing as retailer announces private equity sale

Discount home goods retailer Big Lots has filed for Chapter 11 bankruptcy after warning that it has “significant doubt” about its survival. As part of sustainability efforts, the company is closing several stores. Bankruptcy follows a series of financial losses, a shrinking customer base, and rising operating costs.

The struggling retailer has secured $707.5 million in financing to keep it afloat during a restructuring, and has announced plans to sell its business to Nexus Capital Management, a private equity firm that has been dubbed a “stalking horse bidder”—a term that means. Nexus’ offer sets a minimum bid in a court-supervised auction, with the sale expected to close in the fourth quarter of 2024 if no higher bids emerge.

In a statement, CEO Bruce Thorn said, “The steps we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability. We aim to increase our operations, improve performance, and strengthen our position as a leader in the highest value. “

He added that, while most of the retail locations remain profitable, the company will focus on streamlining to become more efficient and serve its customers better.

What went wrong?

Big Lots’ financial situation had been deteriorating for a long time. In recent quarters, it has reported a sharp decline in sales, which has further strained its balance sheet.

The company’s struggles are a sign of broader challenges in the retail sector, which has seen a surge in bankruptcy filings through 2024 as consumers tighten their spending. Inflation, increased competition, and changes in consumer habits have hit discount retailers like Big Lots especially hard.

According to S&P Global, 21 retailers had filed for bankruptcy by mid-July.

While customers continue to look for value, they are not opting for less expensive items. “The prevailing economic conditions have been particularly challenging for Big Lots, as its primary customers have voluntarily restricted their spending in the domestic and seasonal product categories that represent a large portion of the company’s revenue,” explained the company.

Despite these challenges, Big Lots said its second quarter results were in line with its previous guidance. Full results, which were scheduled to be released on September 6, have been postponed to September 12. The company is still focused on restructuring its operations and completing the sale of Nexus Capital in hopes of stabilizing its future.

The retailer operates approximately 1,400 stores across the United States and employs more than 30,000 people.

What areas are closing?

The company amended its credit agreements earlier this year to allow for store closures, and in July, it announced it could close up to 315 locations.

Although Big Lots has not released a full list of planned store closings, in a filing with a Delaware bankruptcy court, the company has confirmed the initial process of closing 295 stores. The facility is among a list of more than 100 properties in 32 states that are expected to have their leases rejected in September. The list is as follows:

In Arizona

• 1416 E Route 66, Flagstaff, AZ
• 17510 N 75th Ave, Glendale, AZ
• 2020 N 75th Ave Ste 40, Phoenix, AZ
• 230 E Bell Rd, Phoenix, AZ
• 3630 W Baseline Rd, Laveen, AZ
• 2840 E Main St, Ste 109, Mesa, AZ
• 4525 N Oracle Rd, Tucson, AZ
• 6839 E Main St, Mesa, AZ
• 4727 East Bell Rd, Phoenix, AZ

California

• 1482 E 2nd St, Beaumont, CA
• 9500 Greenback Ln Ste 22, Folsom, CA
• 52 W Court St, Woodland, CA
• 3900 Sisk Road, Modesto, CA
• 42225 Jackson St Ste B, Indio, CA
• 6336 E Santa Ana Canyon Rd, Anaheim, CA
• 810 Tri City Ct, Redlands, CA
• 568 W Main St Ste B, Santa Paula, CA
• 19331 Soledad Canyon Rd, Canyon Country, CA
• 2620 Canyon Springs Parkway, Riverside, CA
• 1702 Oceanside Blvd, Oceanside, CA
• 1211 Olive Dr, Bakersfield, CA
• 1531 Sycamore Ave, Hercules, CA
• 14907 4th Ave SW, Burien, WA
• 4847 Coconut Creek Pkwy, Coconut Creek, FL
• 2236 SE Federal Hwy, Stuart, FL
• 3517 W Baseline Rd, Laveen, AZ
• 360 E 10th St, Gilroy, CA
• 3331 Corridor Marketplace, Laurel, MD
• 1531 Sycamore Ave, Hercules, CA

In Colorado

• 2151 Main St, Longmont, CO
• 6626 South Parker Road, Aurora, CO
• 2401 N Ave Ste 19B, Grand Junction, CO
• 8100 W Crestline Ave Unit B5, Littleton, CO

Connecticut

• 56 Turnpike Square, Milford, CT
• 40 Boston Post Rd, Waterford, CT
• 1470 Pleasant Valley Road, Manchester, CT

In Florida

• 328 E Sugarland Hwy, Clewiston, FL
• 700 Blanding Blvd Ste 1, Orange Park, FL
• 5580 NW 167th St, Miami Lakes, FL
• 2236 SE Federal Hwy, Stuart, FL
• 3921 Oakwood Blvd, Hollywood, FL
• 25191 Chamber of Commerce Dr, Bonita Springs, FL
• 1761 E Hallandale Beach Blvd, Hallandale, FL
• 11230 S Orange Blossom Trl, Orlando, FL

Georgia

• 13051 Abercorn St, Savannah, GA
• 687 Main St, Thomson, GA

Illinois

• 340 Summit Drive, Lockport, IL
• 1608 N Larkin Ave, Crest Hill, IL
• 7233 W Dempster St, Niles, IL

In Indiana

• 8401 Michigan Rd, Indianapolis, IN
• 2136 E Markland Ave, Kokomo, IN
• 9602 Georgia St, Crown Point, IN

Iowa

• 430 W 5th St, Des Moines, IA

Kansas

• 7533 State Ave, Kansas City, KS

in Louisiana

• 3557 Ambassador Caffery Pkwy, Lafayette, LA
• 339 South Dr, Natchitoches, LA

Maine

• 250 Main St, Portland, ME

Maryland

• 3331 Corridor Marketplace, Laurel, MD
• 21800 N Shangri La Dr Unit 20, Lexington Park, MD

Massachusetts

• 400 Main St, Dennis Port, MA

In Michigan

• 4254 28th St. SE, Kentwood, MI
• 2850 Washtenaw Ave, Ypsilanti, MI
• 6207 S Westnedge Ave, Portage, MI
• 2020 Grand River Ave, Okemos, MI

Minnesota

• 2614 Bridge Ave, Albert Lea, MN

Missouri

• 4930 Christy Blvd Ste 2, Saint Louis, MO
• 13637 Washington St, Kansas City, MO
• 1417 N Belt Hwy, Saint Joseph, MO

Montana

• 2930 Prospect Ave, Helena, MT

In New Mexico

• 5555 Zuni Rd SE, Albuquerque, NM

New York

• 260 Voice Rd, Carle Place, NY
• 231 Centereach Mall, Centereach, NY
• 751 Upper Glen St, Ste 2, Queensbury, NY

North Carolina

• 2000 Avondale Dr Ste E, Durham, NC

In Ohio

• 9876 W 16th St, Columbus, OH

In Oregon

• 2025 Lancaster Dr. NE, Salem, OR
• 2000 14th Ave SE, Albany, OR

in Pennsylvania

• 713 E Baltimore Ave, Clifton Heights, PA
• 201 West Lincoln Hwy, Exton, PA

South Carolina

• 1016 Pine Log Rd, Aiken, SC
• 1841 JA Cochran Byp Ste A, Chester, SC
• 1937 Wilson Rd, Newberry, SC

South Dakota

• 1617 Eglin St, Rapid City, SD

Tennessee

• 1234 Elm St, Nashville, TN

Texas

• 123 Main St, Dallas, TX

Utah

• 1617 North Main Street, Logan, UT
• 1030 North Main Street, Layton, UT

Virginia

• 7743 Sudley Rd, Manassas, VA

Washington

• 6727 Evergreen Way, Everett, WA
• 2815 Capital Mall Drive SW, Olympia, WA
• 1940 E 1st St, Port Angeles, WA
• 14215 SE Petrovitsky Rd, Renton, WA
• 14907 4th Ave SW, Burien, WA
• 5710 196th St SW, Lynnwood, WA

In Wisconsin

• 5415 Washington Ave, Mount Pleasant, WI
• 3426 Kohler Memorial Dr, Sheboygan, WI
• 1690 S Main St, West Bend, WI
• N78W14511 Appleton Ave, Menomonee Falls, WI
• 616 W Johnson St, Fond Du Lac, WI

In addition, 300 stores have updated their web pages with banners that read “closing this location,” The Hill reported, and are offering customers discounts of up to 20% off.

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