ArticleBlink Holdings Closes Sales of Assets, Buyers Designate Assumed and Reserved Leases/Contracts
Big Lots, Inc. recently announced plans to shutter an additional 56 stores across 26 states in its continuing effort to downsize its footprint as part of its Chapter 11 bankruptcy and will conduct “going out of business” sales at these locations. This is the fourth round of closures that the company announced since filing for bankruptcy in September 2024.
The one-stop shop home discount retailer operated more than 1,300 stores across 48 states when it filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-11967). The closure of over 200 locations has been announced so far, with the total number of closures dependent on, among other things, the company’s progress in negotiations with landlords for lease modifications.
Whether their lease is rejected as a result of a store closure or assumed and assigned in connection with the contemplated sale of the business, real estate owners and landlords of the retailer should follow the case closely to protect their rights.
Read more on the recent developments in Fast Company: Big Lots stores closing list October 2024: more doomed locations – Fast Company
The struggling discount retail chain is in the middle of a Chapter 11 bankruptcy process due to ongoing financial difficulties. As part of that filing, Big Lots has announced another 58 store closures across 26 states.