Big Lots Officially Enters Chapter 11 Bankruptcy and Set to Close Hundreds of Stores; Sites Not Yet Known
By Connect-Bridgeport Staff on September 09, 2024
Big Lots, which has had a location in Bridgeport for decades, has filed for Chapter 11 Bankruptcy Protection, according to a press release on their Web site.
According to documents, before the end of the month, Big Lots will begin closing 250 locations. Those locations will be closed by Jan. 15, 2025.png)
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There is no word on what locations are closing. However, it will result in the loss of a significant number of jobs.
“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers,” said Big Lots President and CEO Bruce Thorn in a press release. “To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”
In the same press release, Big Lots announced it has entered into an agreement (the "Sale Agreement") with an affiliate of Nexus Capital Management LP ("Nexus"), pursuant to which Nexus has agreed to acquire substantially all of the company's assets and ongoing business operations. According to a Yahoo News media report, Nexus’ agreement is the initial bid on the company which sets the baseline against other buyers’ offers.
Big Lots announced the closure of hundreds of other locations in July. No West Virginia store was on that list. Despite the closures, the discount chain has nearly 1,400 stores in 48 states. It has been in business since 1967 and in 2001 all of the stores under its umbrella took on the name Big Lots.
Bridgeport's location is in Gabe's Plaza.
Click HERE for the press release.
