ARTICLE
23 October 2024

Big Lots To Shutter More Stores

FF
Farrell Fritz, P.C.

Contributor

Farrell Fritz provides comprehensive legal expertise to businesses and individuals across the New York metropolitan area. The firm collaborates closely with clients to support business growth, resolve disputes, and manage wealth transitions. Inclusivity is central to its culture, fostering equality and diversity in professional development and client service. Farrell Fritz is committed to recruiting and promoting diverse talent, ensuring equitable opportunities within the firm. Additionally, the firm actively supports local communities through pro bono legal services, contributing positively to the region it serves.

Big Lots, Inc. recently announced plans to shutter an additional 56 stores across 26 states in its continuing effort to downsize its footprint as part of its Chapter 11 bankruptcy and will conduct "going out of business"...
United States Insolvency/Bankruptcy/Re-Structuring

Big Lots, Inc. recently announced plans to shutter an additional 56 stores across 26 states in its continuing effort to downsize its footprint as part of its Chapter 11 bankruptcy and will conduct "going out of business" sales at these locations. This is the fourth round of closures that the company announced since filing for bankruptcy in September 2024.

The one-stop shop home discount retailer operated more than 1,300 stores across 48 states when it filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-11967). The closure of over 200 locations has been announced so far, with the total number of closures dependent on, among other things, the company's progress in negotiations with landlords for lease modifications.

Whether their lease is rejected as a result of a store closure or assumed and assigned in connection with the contemplated sale of the business, real estate owners and landlords of the retailer should follow the case closely to protect their rights.

Read more on the recent developments in Fast Company: Big Lots stores closing list October 2024: more doomed locations - Fast Company

The struggling discount retail chain is in the middle of a Chapter 11 bankruptcy process due to ongoing financial difficulties. As part of that filing, Big Lots has announced another 58 store closures across 26 states.

www.fastcompany.com/...

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More