TOMS RIVER, NJ – Big Lots is closing more stores as it moves forward in its bankruptcy proceedings, but this time, New Jersey stores won’t be affected.
Big Lots, Inc. has entered a new phase of its business after announcing an agreement with Nexus Capital Management to acquire most of the company’s assets. As part of the process, Big Lots filed for Chapter 11 bankruptcy in September 2024. This move allows the discount retailer to reorganize its operations while continuing to serve customers in-store and online.
President and CEO Bruce Thorn expressed optimism, noting that the sale will bring financial stability and allow the company to improve its performance. Thorn highlighted the company’s commitment to offering “unmistakable value” and emphasized that Big Lots remains focused on its core mission of helping customers save.
Nexus Capital Managing Director Evan Glucoft echoed this sentiment, expressing confidence in the company’s future as an “extreme value” leader. Nexus aims to revive Big Lots, which has been struggling due to inflation, high interest rates, and reduced discretionary spending by its core customer base.
As part of its restructuring, Big Lots will close additional stores, focusing on optimizing its store footprint and distribution centers. While many locations are still profitable, the company is streamlining operations to position itself better for long-term success.
This move comes amid Big Lots’ efforts to navigate macroeconomic challenges, including rising costs and changing consumer behavior, particularly in home goods and seasonal items, which have impacted revenue
New Jersey has largely been spared from the latest wave of Big Lots closures as the retailer undergoes restructuring due to financial struggles. While hundreds of Big Lots stores across the U.S. are shutting down—part of a broader bankruptcy move that involves closing 300 locations—only one store in New Jersey, located in Woodbridge, is set to close. Most other stores in the state, including those in Ocean County, such as Brick, Toms River, and Barnegat, will remain open for business, providing relief to local customers who rely on these discount retailers.
Big Lots filed for bankruptcy and has been restructuring its operations to recover from a significant drop in sales, but New Jersey’s footprint will largely remain intact, with only a few Monmouth and Middlesex County stores slated for closure.
