Major Discount Retailer Files Bankruptcy, Louisiana Locations Could Close

A popular discount retailer has filed for Chapter 11 bankruptcy protection. As part of the bankruptcy, 295 of its locations have already begun the closing process. The company says it is part of "optimizing our store footprint".

The major retailer has 19 locations in the state of Louisiana with one right here in Lake Charles, Louisiana. The store we are talking about is Big Lots. The store sells furniture, seasonal, soft home, food, consumables, hard home, electronics, toys, and accessories at discount prices.

According to the company, in addition to the 295 stores that have already begun the shutdown process, approximately another 250 locations will be closed by January 2025. Currently, Big Lots has almost 1400 locations across the United States.

You may be shocked to learn that Big Lots reported that they had a billion dollars in sales in the first quarter of 2024 but that the sales were down over 10% from the first quarter of 2023. Yesterday, September 9th, 2024, the company announced the pending sale to Nexus Capital Management.

According to the company website,

Bruce Thorn, President and Chief Executive Officer, said, "We are proud of the work we do every day across Big Lots to provide our customers with unmistakable value and exceptional savings, as well as building stronger communities through our philanthropic efforts. The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value."

Evan Glucoft, Managing Director of Nexus, said,

We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America's leading extreme value retailer. The Big Lots business has incredible potential and we are confident that its greatest days are ahead.

 

Now the big question is what about the 19 Louisiana locations and which one, if any, may be closing? The company has not released the list of the stores that they plan to close yet even though several requests for the info were requested.

So for now, we will just need to wait and see.