Discount retailer announced it's preparing to close all of its stores across the country, including 64 locations in Pennsylvania.
Big Lots is in big trouble.
The Lansdale location will close, along with all of the discount retailer's stores across the country, announced the Connecticut-based company Thursday.
This includes 64 locations in Pennsylvania, per the report. The closures are meant to "protect the value of its estate," as Big Lots looks to sell to California investment firm Nexus Capital Management, the owner of Dollar Shave Club, Toms and more.
Big Lots filed for Chapter 11 bankruptcy in September.
Expect a going out of business sale to hit the Lansdale site, as well as all remaining operating locations, per a news release.
Per the company's website, there are 963 Big Lots stores nationwide.
Acccording to a U.S. Securities and Exchange Commission filing in June, inflation and failure to overcome economic pressures has led company executives to put doubt in Big Lots’ future.
It recorded $1 billion in sales by first quarter of 2024, a 10% drop from last year, according to the filing and recorded $637,000 in costs of sales. It had a net operating loss of $205,035 as of May 4, 2024
Big Lots lists current total assets at $3.17 million and total liabilities and shareholders’ equity at the same number, as of June.
