Big Lots to shutter another 50 stores across 19 states after retailer filed for bankruptcy following weeks of rumors

DISCOUNT retailer Big Lots is set to close another 50 stores in 19 states after filing for bankruptcy.

Following weeks of rumors Big Lots recently confirmed it is undergoing Chapter 11 bankruptcy, meaning hundreds of branches are due to close.

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As part of the process, 295 locations of the beloved chain are set to close.

Around 250 more locations will be shuttered before January 15 next year.

Some of the branch identities have been revealed, with the next 50 now posting “store closing” signs on their websites.

They are advertizing huge closing sales and telling customers they can get up to 20 per cent off.

The locations in Florida, New Jersey, New Mexico and Texas are among them.

Big Lots has 1,389 branches across 48 states, with only Alaska and Hawaii lacking stores.

The Ohio-based firm has to sell off its assets and businesses to a private firm following its bankruptcy filing.

Big Lots president and CEO Bruce Thorn recently spoke out on the retailer’s plans.

“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers,” he shared in a press release.

“To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”

Big Lots is currently up for auction, and Nexus Capital Management LP has submitted a “Stalking Horse Bid” for the company.

Nexus’ initial bid on the company sets a minimum price for the sale and serves as a benchmark for other potential buyers to outmatch.

If no other bidders come forward or if their offers are lower than Nexus’ bid, the “Stalking Horse” will likely be accepted.

The deadline for submitting bids on Big Lots is October 15.