Big Lots Closing Another 3 Stores In NJ Amid Bankruptcy, Report Says

NEW JERSEY — Big Lots plans to close three more of its stores in New Jersey amid its bankruptcy filing and sale, a report said.

Columbus Business First reported that the closeout retailer is shutting down another 46 locations, bringing the total closures to 496 nationwide, and 10 in the Garden State.

Business First said Big Lots will soon shutter these stores:

• Cherry Hill: 949 Church Road
• Dover: 550 Mount Pleasant Ave.
• Jersey City: 725 U.S. Route 440

All three are still listed on the Big Lots website.

The stores in Cherry Hill, Dover, and Jersey City join seven other Big Lots locations in New Jersey that are set to close, as the company looks to re-structure its store footprint. Closing dates have not yet been confirmed.

The other New Jersey stores marked for closure are:

• East Brunswick, 275 State Route 18
• Freehold, 220 Trotters Way
• North Bergen, 3129 Kennedy Boulevard
• Ocean Township, 2353 State Route 66
• Phillipsburg, 1202 New Brunswick Avenue
• Union, 2700 U.S. Highway 22
• Woodbridge, 471 Green Street

Big Lots has 27 stores in New Jersey, including the 10 which are marked for closure. What happens to the remaining New Jersey stores is unclear after the bankruptcy filing.

Business First said Big Lots had 1,389 stores before the closures, but roughly 35 percent are now shutting down. Big Lots said about 70 percent 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."

Patch's Jacob Baumgart contributed to this report.

Related article — 7 NJ Big Lots Stores Set To Close Amid Company Bankruptcy Woes