Closure News

Discount chain Big Lots to close 3 more stores in Fort Worth

Big Lots trademark orange shopping cart.

Facebook

Ohio-based national discount chain Big Lots is undergoing Chapter 11 bankruptcy, and is closing down more locations, including 23 newly-revealed store closures going down in Texas.

The chain executed a first round of closings in September, consisting of 344 stores slated to be closed. At that time, only one store in Fort Worth was due to be closed: at 8400 E. Freeway.

Now they've added another 150 locations to be shuttered, which they revealed in recent filings as part of their Chapter 11 bankruptcy process including a filing on October 4. And that includes three more stores in the Fort Worth area.

The three in Fort Worth are as follows:

Fort Worth: 1255 Town Square Dr.
Fort Worth: 5800 Overton Ridge Blvd.
Mansfield: 989 N Walnut Creek Dr. #151

Texas has the most locations closing on the list with 23. That's followed by California (17), New York (9) and Florida (9). See the full list of newly-announced closures here.

The latest round brings the total number of closures to nearly 500. The company plans to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.

Other closures across Texas include:

Amarillo: 3510 E Interstate 40
Beaumont: 5910 Eastex Fwy
College Station: 1913 Texas Ave S
The Colony: 5000 Main St.
Converse: 8318 Fm 78
Corpus Christi: 4101 Interstate Hwy 69 Access Rd
Garland: 3178 Lavon Dr.
Houston: 9795 Westheimer Rd
Houston: 6138 Hwy 6 N
Katy: 923 S Mason Rd
Pearland: 2028 N Main St
Nacogdoches: 4919 North St, Ste 101
Portland: 1239 U.S. 181
Plano: 600 W. 15th St.
Rockwall: 2855 Ridge Rd.
Rowlett: 3601 Lakeview Pkwy.
Round Rock: 1201 S Interstate 35 Ste 200
San Antonio: 6900 San Pedro Ave Ste 119
Tomball: 27816 State Hwy 249
Tyler: 1421 S Beckham Ave

closure

Closure News

Big Lots hosts going out of business sales at all Fort Worth stores

dallas.culturemap.com

Big Lots trademark color is orange.

Discount retail chain Big Lots is hosting a massive "GOB" — going out of business — sale, in anticipation of a possible company-wide closure.

The Columbus, Ohio-based chain has not come out and said it is going out of business — but instead that is holding the going-out-of-business sales to protect the value of the company.

"We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots President and CEO Bruce Thorn said in a statement. "While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process."

The sell-off comes after a stalled sale of Big Lots to Nexus Capital Management, which was in motion after Big Lots initiated bankruptcy proceedings under Chapter 11 in September.

At that time, they executed a first round of closings — a total of 344 stores that included one in Fort Worth. They followed that with another round of closures in October that took three more Fort Worth-area stores.

On December 19, Big Lots determined that the sale would not be moving forward.

According to Fast Company, Big Lots did not explain why it was unable to complete a sale to Nexus, other than reports that an appraisal of Big Lots' inventory came in below expectations, which would make it unviable for Nexus Capital Management buy the company.

While they continue to look for alternatives, the plan now is to do the GOB sale in anticipation of a company shutdown.

Fans will miss Big Lots for their good-quality furniture, household goods, seasonal items, and gourmet foodstuffs, as well as basics like cleaning products and cereal.

There are currently six stores remaining in the Fort Worth area:

Arlington, 2110 S. Cooper St.
Arlington South, 5781 SW Green Oaks Blvd.
Bedford, 2853 Central Dr.
Fort Worth, 6300 Rufe Snow Dr.
Keller, 1580 Keller Pkwy. #50B
Lake Worth, 6708 Lake Worth Blvd.

closings