Big Lots to Close 19 More Stores Amid Chapter 11 Bankruptcy process
Big Lots is closing 19 additional stores as it navigates through its Chapter 11 bankruptcy filing. The company announced in September that it plans to shut down over 340 stores, a move driven by its acquisition by Nexus Capital Management LP. Despite most stores being profitable, Big Lots is closing certain locations to improve operational efficiency. In October, 50 stores were also closed. The company has filed motions to continue paying employees and vendors during the bankruptcy process. The sale to Nexus, including $707.5 million in financing, is expected to finalize by the end of 2024.
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