Big Lots has filed for bankruptcy and has slated several stores for closing across the country — but the stores in Bradford and Olean, N.Y. were not on that list as of Wednesday.
While several Big Lots stores are displaying large “Closing” banners this week, no such banners were up at the Bradford and Olean locations on Wednesday. Local store employees indicated they had heard nothing regarding the possible closure of their sites.
“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,” Bruce Thorn, president and chief executive of Big Lots, said in a press statement. “To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”
Big Lots, which features household items, furniture and other goods, has slated seven locations in Pennsylvania for closing — in Clifton Heights, Coraopolis, Exton, Franklin Mills, Kennett Square, Philadelphia and East York.
In New York state, 10 locations are slated for closure, with shoppers receiving between 30% and 40% off. Those stores are located in Buffalo (two), Canandaigua, on Long Island (two) and in Ithaca, New Hartford, Plattsburgh, Poughkeepsie and Queensbury.
The Post Journal in Jamestown reported Wednesday that Big Lots stores in Jamestown and Dunkirk will remain open.
The Ohio-based company plans to close more stores under new leadership, with the closures part of a sale agreement with an affiliate of Nexus Capital Management LP. Big Lots has started the Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware.
{p class=”gnt_ar_b_p”}In July, Big Lots announced its plans to close 35 to 40 stores in a Securities and Exchange Commission filing, then the number rose to 315 in another filing in August.
{p class=”gnt_ar_b_p”}Big Lots said in its news release it has focused on improving sales and profitability since the COVID-19 pandemic. Referring to factors such as high inflation and interest rates, the company said it has been hit by circumstances that are “beyond its control,” like inflation and high interest rates, and have made it difficult for the company to carry on business as usual.
“While the company’s underlying performance has been improving, the Board of Directors conducted a broad strategic review of alternatives and determined that entering into the Sale Agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations,” Big Lots stated.
The company said that as part of the court-supervised sale process, it is “continuing to assess its operational footprint, which will include closing additional store locations. The Company will also continue to evaluate and optimize its distribution center model.”
