More Big Lots Stores Closing in PA, NJ As Store Goes Bankrupt

I guess we saw this coming, right?

Big Lots officially filed for bankruptcy on Monday (September 9, 2024) and announced more store closures, according to MSN.

Nexus is buying Big Lots

Nexus Capital Management is buying the discount home retail chain for $760 million.

Well, it's $2.5 million in cash plus the Big Lots debt and liabilities, according to the court documents.

I had previously told you about the discount home retail chain's financial woes.

The company has said it's suffering due to "elevated inflation."

Americans have changed their shopping habits because of inflation. Their paychecks just aren't going as far as they used to.

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There are over 1,300 Big Lots in America

There are over 1,300 Big Lots locations in 48 states throughout the United States but that's about to change.

More stores will be closed, close to 300, although no date was given when the doors will be shutting for good.

The other stores will continue to operate as normal, to reduce costs.

New Jersey has 27 Big Lots locations

New Jersey has 27 Big Lots locations and thankfully only one is on the chopping block.

The Woodbridge, NJ location is on the updated list of store closures.

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It's located at 471 Green Street.

Six Pennsylvania Big Lots locations will be closing

Philadelphia - 199 Franklin Mills Boulevard

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Exton - 201 West Lincoln Highway

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Clifton Heights - 713 E. Baltimore Ave.

Kennett Square - 345 Scarlett Road

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Coraopolis - 2820 Gracy Center Way

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East York - 2980 Whiteford Road

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CEO of Big Lots, Bruce Horn, said, "As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing outstanding customer service."

The managing director of Nexus, the company buying Big Lots, said in a statement that Big Lots "greatest days are ahead."

For more information click here.

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