Big Lots Files For Chapter 11 Bankruptcy; Has Six Stores In The Southern Tier

On September 9, 2024, Big Lots based out of Columbus, Ohio filed for Chapter 11 bankruptcy. According to the Associated Press, the company is planning to sell its assets and business operations to Nexus Capital Management.

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. The Big Lots business has incredible potential and we are confident that its greatest days are ahead.  Evan Glucoft, Managing Director of Nexus

In a Big Lots news release on September 9, 2024, the company noted that it has been "adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control."

Read More: Why So Many Acorns In New York This Year?

During the bankruptcy process, Big Lots will continue to sell products both in stores and on their website, but the Associated Press notes that the company plans to close some locations, although the exact number or locations have not been announced.

The Big Lots Company operates approximately 64 stores in New York State, including two stores in the Triple Cities area, one in the Price Chopper Plaza, off Glenwood Avenue in Binghamton, and in the plaza at the corner of Vestal Parkway and North Main Street, Vestal. and one in Cortland, Elmira, Ithaca, and Painted Post.

As of the end of 2023, Big Lots operated close to 1400 stores across 48 states.

We are proud of the work we do every day across Big Lots to provide our customers with unmistakable value and exceptional savings, as well as building stronger communities through our philanthropic efforts. 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. - Bruce Thorn, President and Chief Executive Officer