Big Lots Closing 3 More MD Stores Amid Bankruptcy, Sale: Report

MARYLAND — Big Lots is closing another three Maryland stores amid its bankruptcy filing and sale, a Monday report said.

Columbus Business First reported that the closeout retailer is shutting down another 46 locations nationwide, bringing the total closures to 496.

Business First said Big Lots will soon shutter these stores:

• Capitol Heights: 1731 Ritchie Station Court
• Catonsville: 5820 Baltimore National Pike
• Germantown: 20926 Frederick Road

All three are still listed on the Big Lots website.

These stores join pending closures in Bowie (4420 Mitchelville Road) and Glen Burnie (6623 Governor Ritchie Hwy.).

Completed closures include Laurel (3331 Corridor Marketplace), Lexington Park (21800 N. Shangri La Drive, Unit 20) and Reisterstown (11989 Reisterstown Road, Suite A).

After recently expressing doubts about its chances for long-term survival, Big Lots declared Chapter 11 bankruptcy on Sept. 9. The move came a month after the company, which sells discounted furniture and home goods, closed about 300 locations nationwide.

Business First said Big Lots had 1,389 stores before the closures, but roughly 35% are now shutting down. Big Lots said about 70% of its stores were profitable, Business First reported.

Big Lots pointed to "high inflation and interest rates that are beyond its control." The chain added that "core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the Company's revenue."

"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," Big Lots President and CEO Bruce Thorn said in a Sept. 9 press release. "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 said its stores and online shopping site will continue to operate as usual. The retailer plans to still honor gift cards and store credit cards.

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.

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.

"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," Nexus Managing Director Evan Glucoft said in the acquisition announcement. "The Big Lots business has incredible potential and we are confident that its greatest days are ahead."

What happens to the remaining Maryland stores is unclear after the bankruptcy filing.

The Big Lots website currently lists 24 locations in Maryland:

• Bowie
• Capitol Heights
• Catonsville
• Chester
• Cumberland
• Dundalk
• Easton
• Edgewood
• Elkton
• Frederick
• Frostburg
• Germantown
• Glen Burnie (2)
• Hagerstown
• Hanover
• Middle River
• Montgomery Village
• Parkville
• Prince Frederick
• Rising Sun
• Salisbury
• Waldorf
• Westminster

Patch staffers Eric Heyl, Megan VerHelst and Deb Belt contributed to this report.

Related:

• Big Lots Declares Bankruptcy, Future Of 24 MD Stores Uncertain
• Big Lots Closing 2 More MD Locations Amid Financial Troubles
• 3 MD Big Lots Stores To Close After Grim Earnings Report