Big Lots Declares Bankruptcy, Future Of Remaining NJ Stores Uncertain

NEW JERSEY — 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 retailer closed about 300 locations nationwide, including one in New Jersey.

The company announced this August it will close 300 of its 1,389 locations across the U.S. And 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.

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 discount retailer posted a net loss of $205 million for the first quarter of 2024, prompting the company in a regulatory filing to warn that it has "substantial doubts" it can continue as a functioning business.

The Big Lots website currently lists 27 locations in New Jersey:

• Barnegat
• Beverly
• Brick
• Cape May
• Cape May Court House
• Cherry Hill
• Clifton
• Dover
• East Brunswick
• Freehold
• Glassboro
• Hamilton
• Jersey City
• Lumberton
• Mays Landing
• Middle Township
• Millville
• North Bergen
• Ocean
• Phillipsburg
• Sicklerville
• Somers Point
• South Plainfield
• Toms River
• Union
• West Deptford
• Woodbridge (slated for closure)