Columbus, OH – Big Lots, Inc. has announced a sale agreement with Nexus Capital Management LP as part of its Chapter 11 bankruptcy filing. The company plans to close underperforming stores, which could impact 29 locations across Illinois.
Big Lots entered into the sale to accelerate business optimization and address ongoing financial challenges. According to company leadership, the deal will include most of its assets, aiming for profitability by 2025. Illinois stores, however, may see closures as Big Lots evaluates its nationwide footprint.
CEO Bruce Thorn stated that most stores remain profitable, but some closures are necessary to streamline operations. Big Lots has not yet confirmed which Illinois stores may close. The company is continuing to serve customers during the court-supervised process.
Big Lots plans to maintain its commitment to extreme bargains, both in-store and online. However, the future of its Illinois locations remains uncertain as restructuring efforts continue. Further updates are expected later this year.
