Last month, Big Lots announced it was closing 300 stores in hopes of staying in business. Alas, bankruptcy is now upon it, confirming earlier doubts over its ability to survive. CNN reports that Nexus Capital Management is acquiring "substantially all" of Big Lots stores and business operations as part of the filing.
"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," wrote Big Lots CEO Bruce Thorn. No more stores will immediately close.
We also intend to continue optimizing our store footprint during the process. Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers.
Once a trash palace packed with random "Not for retail sale" goodies, Big Lots transformed slowly into a place to buy inexpensive furniture and other "spend little less on large purchases" type stuff. LL Flooring is another recent casualty in that area, but had no private equity gray knight.
Previously: Shopping Cart Alignment Chart
