Business & Tech
Big Lots Declares Bankruptcy, Future Of 24 MD Stores Uncertain
Discount retailer Big Lots plans to shutter more locations after filing for bankruptcy on Monday. Maryland already has three stores closing.
MARYLAND — After recently expressing doubts about its chances for long-term survival, beleaguered retailer Big Lots declared Chapter 11 bankruptcy Monday. The move comes a month after the company closed about 300 locations nationwide.
While no additional store closings were announced along with the bankruptcy filing, Big Lots said it plans "to continue optimizing our store footprint" during its reorganization process.
"Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers," the company stated in a release.
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Earlier this summer, Big Lots announced the upcoming closures of its Laurel, Lexington Park and Reisterstown stores. All three are still listed as open on the Big Lots website.
What happens to the remaining 24 Maryland stores is unclear after the bankruptcy filing.
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Related: 3 MD Big Lots Stores To Close After Grim Earnings Report
Big Lots said its stores and online shopping site will continue to operate as usual. The retailer expects to be able to continue to honor gift cards and store credit cards.
Along with the bankruptcy filing, Big Lots has entered into an agreement to be acquired by Nexus Capital Management LP, a Los Angeles-based investment firm.
Founded in 1967, the company operated in its infancy as Consolidated International and operated closeout and discount stores under a variety of names. In 2001, the various store names and company were converted to the single national Big Lots brand.
The Big Lots website currently lists 27 locations in Maryland:
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