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Honored Contributor
Posts: 37,824
Registered: ‎08-19-2010

Going out of business next.   Dropping like flies.

Penny's will be next their stores are a mess.

Respected Contributor
Posts: 4,861
Registered: ‎06-29-2016

Not a business liquidation.   Not going out of business. 

 

A Chapter 11 reorganization with a planned sale of assets to new ownership. 

 

Yes, more store closures are likely,  but not a complete operational shutdown. 

 

The new owners aren't paying about  $760 million+ for stores and leases just to shut everything down.  Obviously,  value in continued operations is seen.

 

They'll focus on the most profitable locations,  which are many.

 

Expect the new owners to present the list of closures (and stores which remain) in the reorganization plan soon, likely by year's end.

 

As always,  incomplete information posted.

Trusted Contributor
Posts: 1,637
Registered: ‎10-26-2014

i really liked the kmart that closed where i live.. than yrs later they opened the big lots here... im not impressed... kmart was nicer i think.. i do go to big lots for toothpaste, dedorant etc... but the big lots here is always empty.. even the grand opening here i drove past everyday and was never more than a few cars.. and when i go in now, im usually the only one in there.. im really suprised this one isnt on the closing list.... i;m glad there not closing, because i do go there maybe 2 times a month.. but its not my old kmart lol

Esteemed Contributor
Posts: 5,170
Registered: ‎10-04-2015

"In a press release, the company cites challenges since the pandemic, current consumer spending trends, and “recent macroeconomic factors such as high inflation and interest rates that are beyond its control” as reasons for the filing but claimed the company’s underlying performance has been improving."

 

“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,” Big Lots President and CEO Bruce Thorn said in the release.

 

“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.”

 

 

Respected Contributor
Posts: 2,503
Registered: ‎03-09-2010

The Big Lots near me closed 3-4 years ago.  I didn't buy much there but I'd rather have a store than no store.  A gym opened in it's place.

Respected Contributor
Posts: 4,907
Registered: ‎09-15-2016

Our Big Lots is closing, sad to see it go....so many empty stores but they keep building them & they set empty too.

Esteemed Contributor
Posts: 7,491
Registered: ‎06-29-2010

Maybe a group of Q shoppers can buy them out.  

Spoiler
Spoiler
😊

 

Never Forget the Native American Indian Holocaust
Honored Contributor
Posts: 17,043
Registered: ‎03-09-2010

My husband just read me the same thing, there is no big lots anywhere near where we live

Stop being afraid of what could go wrong and start being positive what could go right.
Honored Contributor
Posts: 15,806
Registered: ‎03-11-2010

I just checked the list. Our store is not closing.

We had a smaller Big Lots years ago that did close.

The Big Lots we have now is a larger store. I have only been in there a couple of times. 

Our Penney's closed Oct 2020. Far as I know we only have 2 stores in our Mall. There's 1 Chinese restaurant.

My doctor's office is in the Mall. She is moving down the street in new building when it's finished.

Honored Contributor
Posts: 12,376
Registered: ‎03-09-2010

The articles I read about the Chapter 11 says they will be closing some locations.  My town as 2 and I would not be surprised if they close at least one of them. 

"Live frugally, but love extravagantly."