Big Lots is planning a comeback after filing for bankruptcy and closing over 600 locations.
In September, Big Lots announced it was filing for Chapter 11 bankruptcy and would close over 300 stores in addition to the originally planned 35 to 40 store closures. In February, over 600 location leases were listed for sale.
Now, Big Lots is beginning to bring its stores back to life. In January, Big Lots announced its sale to Gordon Brothers Retail Partners, and as part of the deal, Variety Wholesalers acquired 219 Big Lots stores and two distribution centers.
Here are the Big Lots locations coming back to life in Tennessee.
Which Big Lots stores are reopening in Tennessee?
Variety Wholesalers, which acquired locations from Gordon Brothers, announced these three Big Lots locations in Tennessee would reopen later this week:
Another 55 Big Lots stores are set to reopen in May in several states, and more openings will occur in June.
How many Big Lots are in Tennessee?
Most recently, the Big Lots website listed 39 locations in Tennessee. The website now only shows the nine announced store reopenings.
Before the closures started, Tennessee had almost 50 storefronts. Locations include Chattanooga, Clarksville, Memphis, Knoxville and more.
Why is Big Lots selling stores?
Like many other retailers, Big Lots is being affected by high inflation and interest rates. Additionally, a news release from the company said economic trends, such as customer spending on home and seasonal products, have affected the company's revenue.
When it filed for bankruptcy, Big Lots was the fourth-largest home goods retailer in the country. At the beginning of 2024, it had 1,392 stores and more than 27,000 employees. The store also earned $4.7 billion in 2023 revenue.
The company had previously reported that sales in the first quarter of 2024 fell more than 10% compared to the previous year, though Big Lots reported improved performance in the second quarter.
"While the company's underlying performance has been improving, the Board of Directors conducted a broad strategic review of alternatives and determined that entering into the Sale Agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations," wrote Big Lots in the release.