Big Lots storefront during going out of business sale
Big Lots has announced the closure of all 17 locations in Massachusetts due to bankruptcy proceedings. The discount retailer will shut down over 300 stores nationwide, marking a tough chapter for its loyal customers. As locations begin going out of business sales, potential new retailers may take over some leases in the state. The changes follow a recent deal allowing Variety Wholesalers to retain some stores, suggesting a shifting landscape for retail in the area.
Hey there, folks! If you’re a regular shopper at your local Big Lots, we’ve got some news that you might want to sit down for. The popular retail chain is in hot water and has announced plans to shut down over 300 stores across the nation as part of its bankruptcy proceedings. Unfortunately, that includes all 17 Big Lots locations in Massachusetts, which are now marked for closure.
Let’s break it down a bit. After filing for bankruptcy early in 2024, Big Lots initially planned a complete shutdown of all its stores, marking the beginning of an end for many of its locations. However, a recent deal with Variety Wholesalers, Inc. has shifted the narrative somewhat. The company plans to retain and operate up to 400 stores under the Big Lots brand, sparking some hope among fans of the discount retailer.
In an interesting twist, Boston-based Gordon Brothers has taken a significant step by putting all Big Lots leases in Massachusetts up for sale. This means that these stores won’t continue as Big Lots under new management. Instead, other expanding retailers might snatch up these locations — especially since in many areas, the rents for these properties are below market rates. Michael Burden, co-head of North America real estate services at Gordon Brothers, views this as a prime opportunity for retailers looking to expand.
The deadline for lease offers is set for January 24, 2024. This is a crucial date, as there is uncertainty about what happens if no offers are made by then. It could spell even more bad news for the remaining Big Lots locations. Several stores, including those in Ashland, Dennisport, Northampton, Seekonk, and West Springfield, have already started going out of business sales. So, if you’re hoping to catch a deal, now might be the time!
Big Lots is not just closing in Massachusetts. Stores throughout New England are facing the same fate, with only two locations in Vermont remaining safe—at least for now. Prominent states experiencing the highest number of closures are Texas (72 stores), New York (49 stores), and Florida (44 stores).
Financial struggles have plagued Big Lots since the middle of 2024. The company had originally intended to open three new stores while closing about 35 to 40 others, but that plan quickly unraveled by the time August rolled around. By then, Big Lots had announced it would be shuttering over 250 stores. Unfortunately, the company filed for bankruptcy in September 2024, marking a tough chapter in its history.
The situation is fluid and could change rapidly as offers come in for the leases. While Variety Wholesalers is gearing up to keep a significant chunk of the Big Lots brand alive, specific details about which stores will stay or go are still unclear.
Additionally, court filings suggest that other retailers, like Ocean State Job Lot, are eyeing some of the leases left behind by Big Lots. So, there’s definitely a chance that some familiar storefronts could be transformed into something new!
In summary, it’s a tumultuous time for Big Lots and its loyal customers in Massachusetts. As stores begin their going out of business sales, shoppers may want to stock up on their favorite bargains while they still can. With the coming changes, it’ll be interesting to see what the future holds for retail in the area!
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