Big Lots May Close Remaining 32 MI Stores Amid Bankruptcy

MICHIGAN — Big Lots is preparing to close all its stores — including its 32 remaining Michigan locations — after filing for bankruptcy, the retailer said Thursday. Going out of business sales will begin soon at all remaining Big Lots stores, which sell discounted furniture and home goods.

A planned sale to Nexus Capital Management has failed, a news release said, but Big Lots executives said they still hope to complete a sale by early January.

As of Thursday, a total of 963 Big Lots stores remained nationwide.

The company targeted some stores for closing in September and October. Currently, Michigan has 32 stores operating, which will all hold going-out-of-business sales.

Those locations are:

• Adrian
• Alpena
• Battle Creek
• Bay City
• Benton Harbor
• Burton
• Chesterfield
• Clinton Township
• Dearborn
• Eastpointe
• Farmington Hills
• Flint
• Gaylord
• Grand Rapids
• Jackson
• Lapeer
• Livonia
• Monroe
• Muskegon
• Niles
• Pontiac
• Port Huron
• Saginaw
• Sault Sainte Marie
• Shelby Township
• Southfield
• Southgate
• Sterling Heights
• Traverse City
• Waterford
• Westland

Big Lots announced it was closing 15 other Michigan stores earlier this year, including locations in Benton Harbor, Livonia, Saginaw and Taylor.

"We all have worked extremely hard and have taken every step to complete a going concern sale," said Bruce Thorn, Big Lots president and chief executive officer. "While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process."

More than 400 Big Lots stores closed earlier this year, Nexstar reported, for a 30 percent reduction in locations. The company declared Chapter 11 bankruptcy on Sept. 9, a month after the company closed about 300 locations nationwide.

Big Lots pointed to "high inflation and interest rates that are beyond its control" as the source of its problems. 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."

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.

With reporting from Patch staff member Deb Belt