Big Lots retailer's bankruptcy threatens nearly 300 stores and thousands of jobs

Big Lots, the retailer with some 1,389 branches spread across the country, filed under Chapter 11 of the Bankruptcy Act, which speaks to the court-supervised reorganization of a debtor's assets and liabilities. It is estimated that almost 300 stores could close, jeopardizing thousands of jobs.

At the beginning of 2024, the company had warned that the high inflation rates of the last few years called into question its long term viability and ability to compete with other retailers.

The formal bankruptcy announcement came on Monday, September 9, when the company confirmed its plans to sell its assets and business operations to Nexus Capital Management, a private equity firm. According to court documents on the Ohio-based company's bankruptcy, they have $3.1 billion in debt, a figure split between 5,001 and 10,000 creditors.

"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. To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner," Bruce Thorn, Big Lots president and CEO, said regarding this change.

As a consequence of the bankruptcy, it is estimated that some 300 stores will close soon, to which another 250 could be added by January 2025. This would also mean the loss of thousands of jobs in many corners of the country, given that only Alaska and Hawaii are the only U.S. states without Big Lots stores.

The stores that would close because of Big Lots' bankruptcy

Alabama: Bessemer, Huntsville (northwest central west side), Prattville, Sylacauga and Troy.

Arizona: Flagstaff , Gilbert, Glendale, Green Valley (Sahuarita), Laveen, Mesa, East Mesa, Payson, Peoria , Phoenix (Ray Road, 75th Avenue, Bell Road, West Bethany Road, East Bell Road), Prescott, Scottsdale, Tempe, Tucson (North Oracle Road, West Ina Road and Davis Monthan Air Force Base) and Northeast Tucson.

Arkansas: Fayetteville.

California: Anaheim Hills, West Anaheim, Atascadero, Atwater, Bakersfield (Oil Junction and East Hills), Beaumont, Camarillo, Santa Clarita, Ceres, Chico, Chino, Concord, Corona, Culver City, Delano, El Cajon, Elk Grove, Fairfield, Folsom, Fontana, Freedom (Watsonville), Fresno (West Shaw Avenue, Kings Canyon Road and Northgate Shopping Center), Gardena, Gilroy, Hercules, Indio, La Habra, La Mesa, Livermore, Lodi, Lompoc, Long Beach, Los Baños, Manteca, Merced, Milpitas, Mission Viejo, Modesto (Salida), North Highlands, Oceanside, Ontario, Oroville, Paradise, Placerville, Rancho Santa Margarita, Redlands, Riverside (Canyon Springs Parkway), Rohnert Park, Sacramento (La Riviera Drive and Valley Hi Drive), Salinas, San Bernardino, Santa Clara, Santa Maria, Santa Paula, Santa Rosa, Simi Valley, Spring Valley, Stockton, Temecula, Torrance, Tracy, Turlock, Ukiah, Vacaville, Victorville, Visalia, South Whittier, Woodland, Yuba City and Yucca Valley.

Colorado: Aurora (South Parker Road), Colorado Springs (North Academy Boulevard, South Academy Boulevard and New Center Point), Grand Junction, Greeley, Littleton and Longmont.

Connecticut: Manchester, Milford, Newington, New Milford, New Milford, Norwich, Torrington, Waterbury, Waterford and Windsor.

Florida: Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Bradenton, Clewiston, Coconut Creek, Daytona Beach, Destin, Fort Myers (McGregor Boulevard), Hallandale, Hollywood, Miami (Fontainebleau), Miami Lakes, South Naples, Orange Park, Orlando (South Semoran Boulevard, Waterbridge Downs, Waterbridge Downs and Union Park), Plantation, Pompano Beach, Port Richey, Royal Palm Beach, Sarasota (South Gate Ridge), Stuart, Tampa (Citrus Plaza Drive) and Tarpon Springs.

Georgia: Decatur, Fayetteville, Roswell, Savannah, Stockbridge, Stone Mountain, Thomson and Waynesboro.

Illinois: Burbank, Calumet City, Centralia, Crest Hill, Elgin, Fairview Heights, Lockport, Niles and Oakbrook Terrace.

Indiana: Elkhart, Fort Wayne (Jefferson Pointe), north Indianapolis, Kokomo and Warsaw.

Kansas: Kansas City and Salina.

Kentucky: Henderson, Lexington (Hamburg Pavilion) and Louisville (Poplar Level Road).

Louisiana: Bossier City, Denham Springs, Lafayette and Natchitoches.

Maine: Portland.

Maryland: Bowie, Glen Burnie North, Laurel, Lexington Park and Reisterstown.

Massachusetts: Ashland, Dennis Port, Northampton, Seekonk and West Springfield.

Michigan: Big Rapids, Coldwater, Holland, Howell, Lansing, Kentwood, Madison Heights, Okemos, Petoskey, Portage and Ypsilanti.

Minnesota: Albert Lea.

Missouri: Independence, Jefferson City, Kansas City (Washington Street), Saint Joseph, Saint Louis (Christy Boulevard and Lemay Ferry Road).

Montana: Great Falls and Helena.

Nevada: North Las Vegas.

New Hampshire: Claremont.

New Jersey: Woodbridge.

New York: Buffalo (Sloan and Linden Corners), Canandaigua, Carle Place, Centereach, Ithaca, New Hartford, Plattsburgh, Poughkeepsie and Queensbury.

North Carolina: Charlotte (Pineville and Newell), Durham (Southwest Durham Drive and Avondale Drive), Jefferson, Raleigh (Glenwood Avenue and Garner Station Boulevard).

Ohio: Cincinnati (Springdale and Colerain Avenue), Centerville, Defiance, Saint Marys, Sandusky, Springdale, Toledo (Hopewell Heights) and West Chester.

Oregon: Albany, Beaverton, Eugene, Grants Pass, Gresham, North Bend and Milwaukie, Salem.

Pensylvania: Clifton Heights, Coraopolis, Exton, Franklin Mills, Kennett Square, Philadelphia (Franklin Mills) and East York.

South Carolina: Aiken, Chester and Newberry.

South Dakota: Rapid City.

Tennessee: Franklin, Madison and Union City.

Utah: American Fork, Murray, Layton and Logan.

Vermont: Barre and Rutland.

Virginia: Charlottesville, Fredericksburg (Warrenton Road), Lynchburg (Wards Road), Manassas, Norfolk (East Virginia Beach Boulevard), North Chesterfield (Richmond), Virginia Beach (General Booth Boulevard) and Woodbridge.

Washington: Bellingham, Burien, Covington, Everett, Kent, Kent, Lacey, Lakewood, Lynnwood, Olympia, Port Angeles, Port Orchard, Puyallup, Renton, Richland, Spokane, Tacoma (72nd Street), Vancouver (164th Avenue SE) and Wenatchee.

Wisconsin: Fond du Lac, La Crosse, Menomonee Falls, Mount Pleasant, Neenah, Sheboygan and West Bend.

Wyoming: Cheyenne.