Big Lots is continuing its bankruptcy process and will soon close more than 50 stores in 27 states. In August, the company announced plans to close up to 315 stores.
The Columbus, Ohio-based company plans to soon close 56 more stores in 27 states, it said in a regulatory filing Friday, CBS News reported. The announcement comes after Big Lots said it was closing 46 stores, which are already liquidating their merchandise.
In early September, Big Lots filed for bankruptcy. The company said it had entered into an agreement in which Nexus agreed to acquire its assets and ongoing business operations.
“To facilitate the transaction, the Company, together with each of its subsidiaries, has initiated voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. During and after this process, Big Lots will continue to serve customers at their nearest store or online at biglots.com,” the company said in a statement.
Goodbye Big Lots: 56 stores to close in 27 states | Full list of locations
These are the stores added to the list of locations that will close soon:
Why did Big Lots file for bankruptcy?
In its statement announcing its bankruptcy filing, Big Lots said the company was affected by high inflation and high interest rates.
“Like many other retail companies, the Company has been negatively impacted by recent macroeconomic factors, such as high inflation and interest rates that are beyond its control,” according to the statement.
"The prevailing economic trends have been particularly challenging for Big Lots, as its core customers have reduced their discretionary spending in the household and seasonal product categories that represent a significant portion of the Company’s revenue,” the company explained.