Big Lots Files Bankruptcy More Stores to Close, Are Arkansas and Texas Safe?

We heard in back in July that Big Lots would be closing about 300 of its stores in 34 states. Today, we woke up to the news that Big Lots has filed for Chapter 11 Bankruptcy.  What does this mean for the other stores? Are the stores in Texas and Arkansas safe? 

According to a press release, Big Lots has entered an agreement to be acquired by Nexus Capital Management LP. This new ownership will bring more stability that will hopefully improve its profitability and chances of survival.

With this agreement, CNN stated they have now secured $707.5 million to keep operating and to pay employees and vendors. If all goes according to plan the sale should close later this year.

They stated that the filing today is due to the high inflation and high interest rates that we have been experiencing. This caused their usual shoppers to cut back on their purchases, especially seasonal items which Big Lots specializes in.

But the store also stated in the press release that even though no store closings were announced today they still warn of the fact that Big Lots will,

need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers.

Earlier this summer included in the store closings was the Big Lots location in Fayetteville, Arkansas and one in Louisana in Bossier City. Texas has 116 Big Lot stores and so far all are safe. But with this new announcement today no one is for sure what stores they are thinking about closing just yet. In the meantime, keep your fingers crossed and keep shopping.

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