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Big Lots is closing stores and filing for bankruptcy

By Ayana Archie
Published September 10, 2024 at 3:44 AM EDT
A shopper leaves the Big Lots store on Dec. 4, 2012 in Berlin, Vt.
Toby Talbot
/
AP
A shopper leaves the Big Lots store on Dec. 4, 2012 in Berlin, Vt.

Discount retailer Big Lots is filing for bankruptcy as it prepares to be acquired, the company said Monday.

The Ohio-based company will be acquired by Nexus Capital Management, "who believes in our business and provides increased financial stability," Big Lots said, and invests in such companies as Dollar Shave Club and Toms.

Big Lots said it would need to close some locations to continue operating effectively, and it will pay its vendors fully once the bankruptcy is filed.

Customers will still be able to earn and redeem rewards, as well as use gift cards and store credit cards.

"Taken together, these actions are intended to accelerate our efforts to improve our performance and strengthen our business for the future," the company said.

The company operates nearly 1,400 stores across 48 states.

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The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

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