Retailer With 46 Locations in Michigan Files For Bankruptcy

Well, we can't say we're surprised!

Things appeared to take a turn as the big box retailer began to quietly close locations not only here in Michigan, but across the country. Now, just months later, we're learning the company has filed for bankruptcy protections.

After losing big box retailers like Bed Bath & Beyond and Charlotte Russe, and with such major chains like Rite-Aid and Walgreens not far behind, it's a wonder how any retailer manages to stay open in this economy.

And if you think this is bad, how badly are local mom and pop shops feeling the economic squeeze?

In July 2024 it was reported the retailer had filed documents with the Federal S.E.C. and now in September news is breaking of a bankruptcy filing from Big Lots.

Bye Bye Big Lots?

Not exactly! After evaluating its company performance the board decided to sell to new owners instead of closing all Big Lots stores. The Columbus' 10TV reports the company will continue to sell goods online and at existing stores during its sale to private equity firm Nexus Capital Management.

The chain added that it does plan to close some stores, but didn't specify how many or what locations would be impacted. At the end of 2023, Big Lots operated nearly 1,400 stores in 48 states.

Currently, Big Lots operates 46 stores across Michigan although 11 of those stores are set to close, including here in Portage, Michigan.