Big Lots Faces Bankruptcy with Store Closures in San Antonio
San Antonio, the vibrant heart of Texas, is gearing up for some big changes as Big Lots, a beloved retail chain, has announced its plans to file for bankruptcy. This decision comes after the company has been struggling with consistent quarterly losses since 2022. As part of the restructuring process, Big Lots has agreed to sell its businesses to an affiliate of Nexus Capital Management.
Store Closures on the Horizon
For residents of San Antonio, this news means that one of the local Big Lots locations will be closing its doors for good. The store situated at 16648 San Pedro Ave. will shut down on November 24, according to information shared by a store manager. This closure is part of a larger reduction strategy as Big Lots looks to pivot amidst their Chapter 11 bankruptcy proceedings.
In addition to the San Pedro location, the Big Lots in McAllen will also close, with the store already beginning its going-out-of-business sale. The location at 2506 W. Palmer Lane is another casualty of the bankruptcy. The overall situation means that while there are currently eight Big Lots stores operating in the Alamo City, their future hangs in the balance as closures loom.
The Big Picture
On September 9, the Columbus-based company officially announced that it had entered a sale agreement with Nexus Capital Management to guide them through this challenging time. In a statement, Big Lots mentioned that Nexus would “acquire substantially all of [Big Lots] assets and ongoing business operations.” This indicates that although the brand is changing hands, the aim is to keep many of the stores open and operational.
Just days later, on September 11, the company received a court ruling that allows it to maintain operations during the sale process, which includes the ability to continue paying its employees’ wages and benefits—a huge relief for the staff relying on their jobs in these uncertain times.
Delisting from the NYSE
As part of its financial repercussions, Big Lots is set to be delisted from the New York Stock Exchange on September 23, following a motion filed by the NYSE on September 10. With this delisting, Big Lots has opted not to appeal the ruling and will return to court on October 9 for further proceedings.
Earlier this summer, the company had already signaled its intentions to close more than 300 locations from its national total of almost 1,400 stores. Initially, Texas was spared from this wave of closures but with the new bankruptcy filing, it remains uncertain how many stores will be shutting their doors nationwide.
Looking Ahead
As the process unfolds, both loyal customers and employees are left waiting to see what the future holds for Big Lots. The company’s restructuring plan aims to stabilize the business and potentially save jobs, but with changes ahead, the landscape of retail in San Antonio—and beyond—may look very different in a few months.
For shoppers, now might be a great time to swing by your local Big Lots and check for some of those end-of-an-era sales. With storefronts gearing up for significant changes, there’s bound to be a mix of great deals and bittersweet farewells.
