Big Lots Files for Bankruptcy After Closing More Than 300 Locations
Big Lots has filed for bankruptcy, more stores potentially closing soon.
Back in early July, Big Lots started to announce that they were closing select stores; by August that list had continued to grow to more than 315 locations in 30 states.
Now Big Lots has filed for Chapter 11 bankruptcy and is being acquired by the private equity firm Nexus Capital Management. During this transition, all stores that were unaffected by the previous closures will stay open. However, Big Lots warned that more store closures are likely.
According to Big Lots, several economic factors contributed to this decision, including high inflation and interest rates that caused customers to change their purchasing behavior.
What kinds of purchases do you make at Big Lots? Let us know in the comments below!
*Note that if you’re still able to shop at your Big Lots, you can save 20% on your next purchase through 9/13! Even sweeter, if you round up or donate with your purchase you may be able to score an additional offer that will stack with this coupon!
I used to shop at big lots somewhat regularly but hardly go there now as the prices have gone up. We used to enjoy looking for bargains there, but I can get the same items now at Walmart or target. I’ve been afraid they might have to close some stores.
Same 🙂
Agree! Ours are just furniture stores now. I liked the old Big Lots but never bother to go now.
So sorry for the people who are losing jobs in this economy 🙁
I used to shop there all the time. But there prices are nothing special. You used to be able to get deals but prices are expensive.
Their prices were so high I only shopped there if I had a coupon.
Big Lots used to be an outlet store where you could find random snd discontinued goods at excellent prices. Now they are basically a larger pricier version of Dollar General so it’s not a surprise that they are closing so many locations.
The Big Lot in my town is closing. It was advertised as going out of business sale. I went in the store last weekend and the sales were not really worth it. Things were only 10 or 20 % off.
Both of mine are closing. No real sales yet, but if you are a rewards member you should have gotten a 20% off coupon that can be used on everything.
Ours said the Rewards coupon wasn’t valid bc they were closing! We couldn’t combine any savings and the closing sale is currently 10% off. The items were more expensive than before! Lol. Not sure how long it will take to get down to the good sales.
Our Big Lots is closing and they had 5 percent off! BHAHA NEXT!
Oh that’s ridiculous. Ours was just 10% but still more pricey than Target or TJ Maxx or anywhere else really 😬
I used to shop at Big Lots, but the prices are no longer competitive. Also, in the Chicagoland area, the stores are poorly maintained. Seems like management gave up on them a long time ago.
Literally only go there for 18 gallon storage bins. And I only buy them if I have 15 or 20% off coupon.
The reason they had soooooo much furniture and how they went wrong is that they purchased Broyhill furniture company so trying to be manufacture direct to consumer. Bad move they make paid a premium then the category went south post covid. Private equity taking over more store and warehouse closures to come. New strategy is buying more closeouts basically Ollies mix