Big Lots Expands Store Closures Amid Bankruptcy and Pending Acquisition

Big Lots, the Columbus-based furniture and appliance retailer, has announced the closure of additional stores as part of its ongoing Chapter 11 bankruptcy reorganization. The company, which is set to be acquired by Nexus Capital Management LP for $765 million pending court approval, has added 18 more stores to its closure list. This update comes on top of the roughly 555 stores previously announced for closure.

As of November 19, over 270 Big Lots stores have already closed since the company filed for bankruptcy in September. At that time, Big Lots had 1,389 locations nationwide, and it currently operates 1,120 stores. If all the announced closures proceed, the company will be left with around 830 locations.

The new list of closures includes five more stores in California and three more in Texas, but does not affect any locations in Ohio. However, 12 Ohio stores are still part of the overall closure plan, including four in Central Ohio: Dublin, Westerville, Newark, and near Grandview Heights.

In addition to these closures, Big Lots is also closing ten stores in New York, further reducing its footprint in the region. The company has emphasized that it will continue to evaluate store closings based on lease renegotiations and other considerations, and it remains committed to keeping customers informed about the status of specific stores through its store locator on www.biglots.com.

The incoming owner, Nexus Capital Management LP, will have the flexibility to decide whether to keep stores previously announced for closure or to close additional ones. This flexibility suggests that the final number of store closures could vary as the acquisition and restructuring process unfolds.