Business & Tech

Big Lots Declares Bankruptcy, Future Of MI Stores Uncertain

Discount retailer Big Lots plans to shutter more locations after filing for bankruptcy on Monday.

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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.
Founded in 1967, the company operated in its infancy as Consolidated International and operated closeout and discount stores under a variety of names. (Scott Anderson/Patch)

MICHIGAN — 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 retailer closed about 300 locations nationwide.

While no additional store closings were announced along with the bankruptcy filing, 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.

Four Michigan Big Lots were already expected to close after the retailer posted net loses in 2022, 2023 and the first quarter of 2024. Those locations are in

The Big Lots website currently lists 46 locations in Michigan:

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