Page Reader AI | Bankrupt retailer to reopen over 100 stores, locations revealed

Bankrupt retailer to reopen over 100 stores, locations revealed - TheStreet

After Chapter 11 bankruptcy, Big Lots is reopening over 100 stores across multiple states under new ownership, with plans to reopen even more locations in the coming months.

AI Summary available — skim the key points instantly. Show AI Generated Summary

Show AI Generated Summary

To those who grew up with shopaholic mothers in the suburbs, weekends always consisted of a relatively early morning breakfast, so they could make it to their favorite discount and home goods retailers as soon as the doors opened.

More often than not, there was always a strategic route to hit up each store searching for the best deals, and mom would also drag you along as her bag carrier.

💵💰 Don't miss the move: Subscribe to TheStreet's free daily newsletter 💵💰

Nonetheless, it created great memories for most and strengthened bonds with our mothers.

Although everyone has their preferred store, Big Lots reigned supreme for some. It's one of the largest home goods retailers nationwide, known for having some of the best discount merchandise.

However, the discounts may have been slightly too good to be sustainable.

Big Lots filed for Chapter 11 bankruptcy in September of last year, stating that the slowdown in consumer spending and increased costs due to rising inflation were some of the leading causes for the filing. By the end of 2024, the retailer had nearly 1,400 stores and was now looking for a new owner.

In December, Big Lots thought it had found a new owner, but Nexus Capital Management pulled out of the deal at the last minute, causing the retailer to initiate a liquidation process.

However, great news fell on Big Lots' lap when an agreement with Gordon Brothers Retail Partners in January enabled Variety Wholesalers to acquire between 200 and 400 Big Lots stores and two distribution centers, which it planned to continue operating under the Big Lots brand.

Big Lots to reopen locations nationwide.Image source: Shutterstock

Big Lots announces the reopening of nine stores and unveils a new secret

Big Lots (BIG) announced this month that it was reopening nine locations across six states under its new ownership starting April 10.

Here is the list of the nine locations reopening this month:

1342 Indian Mound Drive, Mount Sterling, Kentucky
755 Veterans Memorial Blvd, Metairie, Louisiana
2605 W Main St, Tupelo, Mississippi
5778 Hwy 80 E, Pearl, Mississippi
1432 E Dixie Drive, Asheboro, North Carolina
1041 S Riverside Drive, Clarksville, Tennessee
744 Nashville Pike, Gallatin, Tennessee
220 Dickson Plaza Drive, Dickson, Tennessee
2911 Hershberger Road NW, Roanoke, Virginia

However, in a surprising turn of events, Big Lots revealed other exciting news to all its loyal fans. In addition to the previously announced nine locations, over 100 more stores are reopening in only a few days.

Big Lots will reopen nearly 60 stores across multiple states on May 1, with an additional 73 locations opening on May 15. The remaining will reopen through June for a total of 219 locations.

"We’re thrilled to bring the Big Lots! brand back to life by offering more deals than ever, lots of famous brands, and a new apparel department for the entire family," said Variety Wholesalers President and CEO Lisa Seigies in a press release. "We’re opening stores quickly so we can serve the community. We know the stores won’t be perfect to start, but each week we’ll add more new products as we build towards the grand opening celebration in the fall," she added.