Discount chain Big Lots has announced it has filed for Chapter 11 bankruptcy proceedings, and certain stores are on the cutting block as part of the process.
In Virginia, eight stores will close in an effort to “optimize its store footprint.”
Big Lots has entered into an agreement to be acquired by Nexus Capital Management LP, according to a news release.
“We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America’s leading extreme value retailer,” said Evan Glucoft, managing director of Nexus. “The Big Lots business has incredible potential, and we are confident that its greatest days are ahead.”
Big Lots will continue to operate and serve customers in stores and online during the transition process.
The company blames the pandemic and high inflation and interest rates for its struggles. Core customers have “curbed their discretionary spending,” according to the company.
“The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance and deliver on our promise to be the leader in extreme value,” said Bruce Thorn, president and chief executive officer of Big Lots.
Store closures
Big Lots said it intends to continue optimizing its store footprint. In other words, some stores will close but profitable stores will likely remain open. Some cities have two locations, and in many cases, one of the locations is closing.
“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,” Thorn said. “To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”
Virginia: Big Lots stores closing
- Charlottesville (Branchlands Blvd)
- Fredericksburg (Warrenton Road)
- Lynchburg (Wards Road)
- Manassas (Sudley Road)
- Norfolk (E. Virginia Beach Blvd)
- Richmond: Bon Air (Midlothian Turnpike, North Chesterfield)
- Virginia Beach (General Booth Blvd)
- Woodbridge (Telegraph Road)
You can search your store here to see if it is closing. Stores closing have a banner at the top of the location-specific page with closing details, and in some cases, sale information.
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Crystal Graham
