List of store locations closing in new Chapter 11 as retailer announces sale to private equity

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

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The struggling retailer secured $707.5 million in financing to keep operations afloat during the restructuring process and announced plans to sell the business to Nexus Capital Management, a private equity firm, which has been called a “stalking horse bidder” – a designation that means the Nexus Offer sets the 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 actions we are taking today will allow us to move forward with new owners who believe in our business and provide financial stability. We aim to optimize our operational footprint, improve performance and strengthen our leadership position in extreme value.”

He added that while most store locations remain profitable, the company will focus on a more efficient footprint to operate more efficiently and better serve its customers.

What went wrong?

Big Lots’ financial situation had been deteriorating for some time. In recent quarters, it has reported steep sales declines, further straining its balance sheet.

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

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

While customers continue to look for value, they aren’t necessarily opting for discounted items. “Prevailing economic trends have been particularly challenging for Big Lots as its core customers have reduced their discretionary spending on the home and seasonal product categories, which represent a significant portion of the company’s revenue,” the company explained.

Despite these challenges, Big Lots said its second-quarter results were in line with its previous guidance. The full results, originally scheduled to be released on September 6, have been pushed back to September 12. The company remains focused on restructuring its operations and completing the sale to Nexus Capital in hopes of stabilizing its future.

The story continues

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

Which locations are closing?

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

While Big Lots has not yet released a comprehensive list of planned store closings, in its Delaware bankruptcy court filing, the company confirmed it has begun the process of closing 295 stores. The filing included a list of more than 100 locations in 32 states whose leases are expected to be rejected in September. The list is as follows:

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

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

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

Illinois

• 340 Summit Drive, Lockport, IL

• 1608 N Larkin Ave, Crest Hill, IL

• 7233 W Dempster St, Niles, IL

Indian

• 8401 Michigan Rd, Indianapolis, IN

• 2136 E Markland Ave, Kokomo, IN

• 9602 Georgia St, Crown Point, IN

Iowa

Kansas

Louisiana

• 3557 Ambassador Caffery Pkwy, Lafayette, LA

• 339 South Dr, Natchitoches, LA

Tomorrow

Maryland

• 3331 Corridor Marketplace, Laurel, MD

• 21800 N Shangri La Dr Unit 20, Lexington Park, MD

Massachusetts

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

Missouri

• 4930 Christy Blvd Ste 2, Saint Louis, MO

• 13637 Washington St, Kansas City, MO

• 1417 N Belt Hwy, Saint Joseph, MO

mountain

New Mexico

new york

• 260 Voice Rd, Carle Place, NY

• 231 Centereach Mall, Centereach, NY

• 751 Upper Glen St, Ste 2, Queensbury, NY

North Carolina

Ohio

Oregon

• 2025 Lancaster Dr. NE, Salem, OR

• 2000 14th Ave SE, Albany, OR

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

Tennessee

Texas

Utah

• 1617 North Main Street, Logan, UT

• 1030 North Main Street, Layton, UT

virgin

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

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 say “this location is closed,” Hill reports, and are offering customers discounts of up to 20 percent.

This post originally appeared on fastcompany.com
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