Big Lots department store
Big Lots is undergoing major changes after filing for bankruptcy with over 35% of its 1,400 stores set to close. Ollie’s Bargain Outlets has acquired 15 Big Lots store leases through bankruptcy auctions.
In this gallery, we explore the changes ahead, as well as Big Lots’ history.
Big Lots sales floor
Big Lots, founded in 1967 as Consolidated Stores in Ohio, operates over 1,000 discount retail locations across the U.S. It specializes in selling closeout and overstock goods.
Big Lots shopping carts in the bay
The company rebranded from Odd Lots to Big Lots in the 1980s and expanded through its acquisitions of KB Toys and MacFrugals. It became Big Lots, Inc. in 2001.
Big Lots entrance
Facing financial struggles, Big Lots closed 52 stores in 2023 and announced up to 315 closures in 2024, citing inflation, rising costs, and declining sales.
Big Lots in Hercules, CA
In September 2024, Big Lots filed for Chapter 11 bankruptcy, securing significant funding to support operations and sell to Nexus Capital. With assets and liabilities between $1B-$10B, Nexus will act as a stalking horse bidder in a court-supervised auction, with the deal expected to close in late 2024.
Big Lots
The retailer has faced nine consecutive quarters of declining sales. It will continue selling products online and in stores during the sale process.
Big Lots customers
Big Lots had secured $707.5M in financing, including $35M from current lenders, to fund operations during the court-supervised sale.
Big Lots logo on shopping carts
Nexus will act as a stalking horse bidder in the auction, with the sale expected to close in late 2024. The company aims to improve performance under new ownership.