Big Lots in North Versailles to close after bankruptcy filing
NORTH VERSAILLES, Pa. (KDKA) — The Big Lots in North Versailles is among the latest set to close after the company filed for bankruptcy.
The discount retailer filed for Chapter 11 bankruptcy last month, blaming inflation and high interest rates. It came after the Columbus, Ohio-based company said it would close as many as 315 stores across the country.
The store on Lincoln Highway in North Versailles is among nearly 50 new closures that appeared in court documents Friday. The location on Gracy Center Way in Coraopolis is also slated to close, and stores in Monroeville and Waynesburg were among the first closures announced.
On Big Lots' website, the stores in Monroeville, Coraopolis and Monroeville have banners that say "closing sale going on now." The store in Coraopolis is boasting up to 60% to 70% off.
The company said economic factors like inflation have made customers weary of spending money on home and seasonal products, which account for a large part of its revenue.
Big Lots said it intends to sell all its assets and ongoing business operations to Nexus Capital Management.
"We are proud of the work we do every day across Big Lots to provide our customers with unmistakable value and exceptional savings, as well as building stronger communities through our philanthropic efforts," Big Lots CEO Bruce Thorn said in a press release announcing the bankruptcy filing.
"The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value."
