Big Lots announced it will close all remaining locations, totaling 963 stores, including 40 in Tennessee, after filing for Chapter 11 bankruptcy and failing to complete a sale to Nexus Capital Management. Going-out-of-business sales will begin immediately. The company has already closed over 400 stores this year, reducing its footprint by 30%.
Big Lots cited inflation and competition as major factors in its financial struggles before its September bankruptcy filing. Locally, the chain has stores in Tullahoma and McMinnville.
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