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Big Lots to close more than 50 retail locations
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Big Lots to close more than 50 retail locations

Big Lots aims to permanently close the doors of more than 50 stores.

The discount retailer announced its intention to close another 56 locations in a filing Friday with the bankruptcy court that oversees Chapter 11 proceedings.

The new stores that will close are located in numerous states, including California, Texas, Nebraska, New Mexico, Ohio, Pennsylvania, Michigan, Georgia, Tennessee, Illinois, Arkansas, Alabama, Connecticut, Virginia, Indiana, Iowa, Colorado , Missouri, Washington, Arizona, Maryland, Kansas, Louisiana, Florida, Oklahoma, Wisconsin and North Carolina.

Big Lots store in Los Angeles, California.

Discount home goods chain Big Lots Inc. is preparing to file for bankruptcy as early as Sunday and plans to sell its retail chain through a court-supervised process, according to people familiar with the plans. (Eric Thayer/Bloomberg via Getty Images/Getty Images)

According to the message, relevant parties have until Wednesday afternoon to object to the planned closures.

LARGE MANY FILES FOR BANKRUPTCY, SOME STORES WILL BE CLOSED AGAINST SELLING TO INVESTMENT FIRM

The locations would complement the many stores the discount retailer has already closed this year.

Big Lots initiated Chapter 11 bankruptcy proceedings early last month to facilitate the sale of “substantially all” of its assets to its “stalking horse bidder” Nexus Capital Management.

Big Lots logo and carts

Big Lots announced its intention to close another 56 locations in a filing Friday with the bankruptcy court that oversees Chapter 11 proceedings. (Justin Sullivan/Getty Images/Getty Images)

In early September, the discount retailer said its board had concluded that “entering into the sales agreement with Nexus and initiating a court-supervised sales process is the best path forward to maximize value and ensure continued operations.” to guarantee.” Nexus must be the winning bidder in a court-supervised auction before the transaction can be completed.

Big Lots also said at the time that the Chapter 11 proceedings would mean more location closures.

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“While the majority of our retail locations are profitable, we plan to move forward with a more focused footprint to ensure we operate efficiently and are best positioned to serve our customers,” said CEO Bruce Thorn. “To achieve this, we plan to use the tools provided by this process to continue to optimize our store fleet in an orderly manner.”

Prior to the Chapter 11 petition, reports had suggested that a possible bankruptcy filing from Big Lots was on the horizon.

large lots

Prior to the Chapter 11 petition, reports had suggested that a possible bankruptcy filing from Big Lots was on the horizon. (Howard Schnapp/Newsday RM via Getty Images/Getty Images)

The discount store is known for selling home goods, furniture, seasonal decorations and other products.

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In the second quarter, Big Lots generated net sales of $1.05 billion, a decline of more than 8% compared to the same three-month period last year. Quarterly net loss was nearly $238.46 million.

Pilar Arias contributed to this report.