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BIG Lots shoppers have expressed their dismay after the retailer filed for bankruptcy on Monday.
Hundreds of stores are set to shutter in the coming months and the CEO has warned that there could be more closures to come.
Bruce Thorn, President and CEO of Big Lots released a statement after the company’s Chapter 11 bankruptcy filing on Monday[/caption]
Thorn announced that many stores would close to optimize the brand’s footprint, and more closures could come in the new year (stock image)[/caption]
Big Lots shoppers have taken to social media to voice their concerns over the bankruptcy news (stock image)[/caption]
Bruce Thorn, President and CEO of Big Lots explained in a press release that as part of the Chapter 11 bankruptcy filing, further store locations could be forced to shutter next year.
“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers,” Thorn said.
“To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”
And shoppers have taken to social media to voice their distress at this news.
“Big Lots used to be the spot,” a customer wrote on Facebook.
“An absolute crying shame. I hope and pray that they do not go completely under,” another comment read.
“Another store bites the dust,” a frustrated shopper wrote.
After weeks of rumors, Big Lots officially filed for Chapter 11 bankruptcy on Monday.
As part of the process, 295 locations have initiated closing down in what the company calls “optimizing our store footprint.”
Big Lots has 1,389 locations across the US.
After the company’s bankruptcy filing, it announced that it had entered a sale agreement with Nexus Capital Management LP – known as a “Stalking Horse Bid.”
“We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America’s leading extreme value retailer,” said Evan Gluoft, Managing Director of Nexus.
“The Big Lots business has incredible potential and we are confident that its greatest days are ahead.”
Other companies are still able to make higher offers, but if no one else comes forward – or their offers are lower – Nexus’ bid will likely be accepted.
The deadline for submitting bids on Big Lots is October 15.
CUSTOMERS REACT
Reactions to the bankruptcy news from Big Lots shoppers have been fairly mixed.
While some were clearly upset, others said they were not surprised by the announcement.
“So everything is closing now. Wonderful,” a comment read.
Big Lots Statement
The president and CEO of Big Lots, Bruce Thorn, released a statement after the news of the brand's Chapter 11 bankruptcy filing:
“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.
“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.
“We appreciate the tremendous loyalty of our customers, and our core purpose of helping them ‘Live BIG and Save Lots’ has never been stronger. As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience.
“We are grateful for the hard work and dedication of our associates who remain focused on delivering the best service possible for our valued customers, and we deeply appreciate the partnership of our vendors as we start a new chapter for our business.”
“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers.
“To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”
“Oh no I hope not I like Big Lots,” another shopper said.
Others, however, were less concerned.
“I thought they been bankrupt for years now lol,” one customer wrote.
“They’re still in business? Thought they were gone long ago,” another user wrote on Facebook.
Big Lots has faced years of financial struggles, caused by the aftermath of the pandemic, high inflation, and interest rates, among other factors.
“We appreciate the tremendous loyalty of our customers,” Thorn said.
“As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience.”
Almost 300 Big Lots stores have initiated the closing down process (stock image)[/caption]
