Big Lots has filed for Chapter 11 bankruptcy, impacting 10 stores in New York, which are now offering discounts of up to 40%. The Ohio-based discount retailer, known for home and seasonal products, is closing hundreds of stores as part of a restructuring plan under new leadership from Nexus Capital Management.
Despite the bankruptcy filing, Big Lots will remain open during the process, aiming to streamline operations and improve profitability. The company cites inflation, high interest rates, and cautious consumer spending as factors that led to the closures.
New York stores slated to close include locations in Buffalo, Canandaigua, Ithaca, and Poughkeepsie, among others. Shoppers can still take advantage of steep discounts as Big Lots works to reorganize and potentially emerge from bankruptcy.
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