big lots closing stores: Big Lots is closing more stores across Illinois as part of its ongoing plan to manage financial challenges. The discount retailer is filing for Chapter 11 bankruptcy and has entered into a sale agreement with Nexus Capital Management. This means some stores will shut down, while others will stay open. In this article, we will explain which stores are closing and what it means for Big Lots’ future.
Nine Big Lots Stores Closing in Illinois
Nine Big Lots stores in Illinois are set to close soon. This is part of a larger effort to reduce the number of locations and focus on the most successful ones. Each of these stores is currently holding a “closing sale,” where customers can find discounted items. The stores closing in Illinois include:
- 8148 S. Cicero Ave., Burbank
- 1699 River Oaks Drive, Calumet City
- 1139 W. Broadway, Centralia
- 1608 N. Larkin Ave., Crest Hill
- 204 S. Randall Road, Elgin
- 10850 Lincoln Trail, Fairview Heights
- 340 Summit Drive, Lockport
- 7233 W. Dempster St., Niles
- 17w714 W. 22nd St., Oakbrook Terrace
These locations will be closing their doors soon, but customers still have time to shop the clearance sales before they shut down.
Stores Staying Open in Illinois
While nine stores are closing, some Big Lots locations in Illinois will remain open. Stores in Peoria, East Peoria, and Galesburg, as well as locations in Machesney Park and Springfield, are not listed for closure. Customers can continue shopping at these stores as usual. The addresses for the stores staying open are:
- 8901 N. Knoxville Ave., Peoria
- 2500 E. Washington St., East Peoria
- 1280 N. Henderson St., Galesburg
These stores will not be affected by the closures and will continue to serve their customers.
Why is Big Lots Closing More Stores?
The reason Big Lots is closing more stores is tied to its financial situation. On September 9, 2024, Big Lots announced that it had entered a sale agreement with Nexus Capital Management. Nexus will act as a “stalking horse bidder” in an auction process managed by the court. This means Nexus will help determine the best way forward for Big Lots.
Big Lots is filing for Chapter 11 bankruptcy, which allows the company to restructure its business. The company will be closing additional stores as part of this process to improve its operations. By focusing on a smaller number of stores, Big Lots hopes to become more efficient and profitable.
Big Lots’ Future Plans
Big Lots’ CEO, Bruce Thorn, said that most Big Lots stores are still profitable. However, to keep the company strong, they need to “move forward with a more focused footprint.” This means closing stores that aren’t performing well and focusing on the locations that are successful.
Thorn also said that Big Lots is working to improve its distribution centers. This will help the company manage its inventory better and make sure stores have the products customers want.
What Does This Mean for Customers?
For customers, the store closures mean that some locations will no longer be available. However, Big Lots is still operating many stores across Illinois and other states. The company is continuing to offer rewards programs, gift cards, and credit card usage at all its stores.
If your local store is closing, you can still take advantage of the “closing sales” for some great deals. If your store is staying open, you won’t see much change. Big Lots is working to ensure that they can keep serving customers while improving their business.
Final Thoughts
Big Lots is closing nine stores in Illinois as part of its effort to recover from financial difficulties. While this may seem like a setback, the company is focusing on its future with the help of Nexus Capital Management. By closing underperforming stores, Big Lots is positioning itself to be more successful in the long run.
If you’re near one of the stores that are closing, make sure to check out the closing sales. And if your local store is staying open, you can expect the same great deals and products that Big Lots is known for. The company is committed to staying strong and serving its customers in the best way possible.
