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Big Lots will close more than 340 stores nationwide, including two on Long Island, in connection with its bankruptcy filing on Wednesday.
The chain’s closing list includes 344 stores across 41 states. Ten stores in New York state, including the locations in Centereach and Carle Place, will be shuttered. Though it’s unclear when the two Long Island locations will close. And the future of Long Island’s other five Big Lots stores is uncertain.
Even with the bankruptcy filing and imminent closurse of hundred of stores, Big Lots maintained a tone of optimism.
“We are focused on delivering on our promise to be the leader in extreme value by helping customers ‘Live BIG and Save LOTS,'” said Bruce Thorn, president and chief executive officer of Big Lots.
“With the court relief we have received today and the support of our lenders, we look forward to moving through this process and emerging as a stronger, more-efficient company, well-positioned to serve our customers,” he added.
The information above is an update of a previous Greater Long Island story. Below is the original story, published on Sept. 7:
Discount home goods retailer Big Lots is preparing to file for bankruptcy, as early as Sunday, Bloomberg News reported.
The discount retailer in July announced it would close 40 of its 1,400 stores nationwide in the coming months, including two Long Island locations, Centereach and Carle Place. Greater Long Island learned today that both stores are offering sales of up to 50% off, though official closure dates have not been announced.
It remains unclear how the looming bankruptcy filing will affect the timeline for these closures or the status of other Big Lots stores on Long Island.
Remaining Long Island locations
As of July, the following Big Lots stores on Long Island were not slated for closure:
- Holbrook
- Bay Shore
- West Babylon
- Copiague
- Hicksville
National picture
According to Bloomberg’s sources, Big Lots plans to sell its chain of stores through a court-supervised process. The company is expected to continue operations under Chapter 11 protection while seeking a stalking horse bid, which could potentially be outbid if better offers emerge.
Big Lots, which employs over 30,000 workers nationwide, has struggled with declining sales over the past few quarters. It has put significant pressure on the company’s balance sheet, likely leading to the decision to file for bankruptcy.
Company history
Founded in 1967 by entrepreneur Sol Shenk, Big Lots began as Consolidated International before rebranding as Odd Lots and eventually settling on its current name. The company has been a familiar presence in many communities, offering discounted home goods and other retail items.
Broader retail landscape
Big Lots joins a seemingly growing list of retail chains facing hardships in recent years. On Long Island, there have been closures of outlets belonging to other well-known brands, such as Red Lobster, Carrabba’s, Stop & Shop and Bob’s Stores.
This is a developing story. Please check back with Greater Long Island for updates on how the Big Lots bankruptcy filing may affect its Long Island stores.
