Big Lots is planning to close stores as it goes through Chapter 11 bankruptcy. A store in Maryland left BI confused about the retailer's purpose.

Closing more locations will allow the company to have a “more focused footprint” and conduct business efficiently, said President and CEO Bruce Thorn.

The Columbus, Ohio-based retailer this week filed for Chapter 11 bankruptcy protection and plans to close at least 296 stores. It started the year with nearly 1,400 stores nationwide. As one of the first actions in the case, it enlisted Melville, New York-based A&G Real Estate Partners to sell the leases on the properties it will be departing.

Why Big Lots is closing shop. The post What Happened to Big Lots? Bankruptcy, Store Closures Explained appeared first on Mandatory.

Big Lots has seen sales decline for nine consecutive quarters at stores that have been open for at least a year, according to FactSet. While specifics were not disclosed, the company will be closing some stores as it navigates the bankruptcy process.

Closing more locations will allow the company to have a “more focused footprint” and conduct business efficiently, said President and CEO Bruce Thorn.

Discount retail chain Big Lots has filed for bankruptcy as its list of planned store closures expands. It currently has around 1,425 stores nationwide. The company announced on Monday, Sept. 9 that it will sell its assets to an affiliate of private equity firm Nexus Capital Management.

Discount retailer Big Lots has filed for bankruptcy, just weeks after announcing a series of store closures. Private equity firm Nexus Capital Management will acquire “substantially all” of Big Lots stores and business operations, CNN reported. Stores and websites will remain open during the transition.

The Chapter 11 filing comes about a month after Big Lots said it would close roughly 300 of its 1,400 stores. Within New Jersey, only one location in the chain’s 27-store footprint is impacted: Woodbridge.

The retailer is also in the midst of closing hundreds of stores. So far it has announced the closings of 292 locations. Customers can save up to 40% off at the store closing sales, according to Big Lots’ website.