( WJET/WFXP ) — Popular discount retailer Big Lots has filed for Chapter 11 bankruptcy protection. As part of the bankruptcy and restructuring, 295 stores have already begun to shut down in what the company says is “optimizing our store footprint.”
The company also says approximately 250 more locations will be completely closed no later than Jan. 15, 2025.
The retailer has 1,389 locations across 48 states (only Alaska and Hawaii are without stores). The Columbus, Ohio-based company began in 1967 .
The retailer will continue to honor gift cards and store credit cards.
“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers,” Big Lots President and CEO Bruce Thorn said in a press release. “To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”
The bankruptcy comes just months after the company warned in a U.S. Securities & Exchange Commission (SEC) filing that between 35 and 40 locations could shutter this year .