Big Lots, a known discount retailer, has been feeling the financial pinch and is set to close its North Versailles store on Lincoln Highway. CBS News reported that this development follows the company's September announcement of filing for Chapter 11 bankruptcy.
The North Versailles closure is part of an unfortunate expansion to their list of store closures, which now includes nearly 50 additional locations, as indicated in recent court filings. Among the affected sites is also the store in Coraopolis, with its doors soon to shutter permanently. Despite not having a confirmed closing date, the store offers significant discounts of up to 60% to 70% off, as detailed by WPXI.
Amidst this downsizing, Big Lots announced it had struck a deal to sell its assets and ongoing business enterprises to Nexus Capital Management. "We are proud of the work we do every day across Big Lots to provide our customers with unmistakable value and exceptional savings, as well as building stronger communities through our philanthropic efforts," stated CEO Bruce Thorn in a press release. "The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value," he added, in words detailed by CBS News.
