Business & Tech
Big Lots Declares Bankruptcy; Future Of Pittsburgh Stores In Doubt
With its bankruptcy filing on Monday, Big Lots warned that store closings are coming. Get the details here.
PITTSBURGH, PA — 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 belaguered retailer closed about 300 locations, including one in Coraopolis.
While no additional store closings were announced along with the bankruptcy move, 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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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.
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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.epairs Grant Program and is part of $75 million awarded to 109 schools across the Commonwealth in this round of funding.
The Big Lots website currently lists 73 locations in Pennsylvania:
- Aliquippa
- Allentown
- Altoona
- Aston
- Belle Vernon
- Bethlehem
- Bloomsburg
- Boyertown
- Bradford
- Bridgeville
- Burnham
- Butler
- Camp Hill
- Chambersburg
- Clearfield
- Cleona
- Clifton Heights
- Coraopolis
- Du Bois
- Dunmore
- East Stroudsburg
- Ebensburg
- Ephrata
- Erie
- Exton
- Eynon
- Fairless Hills
- Frackville
- Franklin
- Greensburg
- Hanover
- Harrisburg
- Hermitage
- Hummelstown
- Indiana
- Johnstown
- Kennett Square
- Kittanning
- Lancaster
- Lansdale
- Latrobe
- Leechburg
- Lehighton
- Lewisburg
- Luzerne
- Meadville
- Monroeville
- Mount Pleasant
- Muncy
- Natrona Heights
- New Castle
- Norristown
- North Versailles
- Philadelphia (2)
- Phoenixville
- Pittsburgh (2)
- Reading
- Rochester
- Shippensburg
- Souderton
- State College
- Trexlertown
- Uniontown
- Washington
- Waynesburg
- West Hazleton
- West Mifflin
- Whitehall
- Wilkes Barre
- York (2)
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