The number of companies filing for bankruptcy continues to grow. You can add Big Lots to the list.

There's good news and bad news for the national chain.

The good news is the company has found a buyer after filing for Chapter 11 bankruptcy. The bad news is, more stores will be closing.

Big Lots reported a net loss in the first quarter of 2024 of $205.0 million. Sales totaled $1.009 billion, over 10% less than last year's first quarter. High inflation and interest rates are to blame.

"While we made substantial progress on improving our business operations in Q1, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items," said Bruce Thorn, President and CEO of Big Lots.

READ MORE: Family Owned Restaurant Closing in New York After More Than 90 Years

Credit - Think Stock/Canva
Credit - Think Stock/Canva
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New Owners for Big Lots

Nexus Capital Management LP has agreed to acquire substantially all of the Company's assets and ongoing business operations.

"The actions we are taking 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," Thorn said.

READ MORE: LL Flooring Files Bankruptcy Closes 94 Stores, 4 in New York

Credit - Getty Images/Think Stock
Credit - Getty Images/Think Stock
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More Big Lots Closings

The Empire State is home to 64 locations, including 6 in Central New York.

Utica
Rome
New Hartford
Hamilton
Liverpool
Oswego

READ MORE: Red Lobster May Be Closing More Restaurants

Credit - Getty Images/Think Stock/Canva
Credit - Getty Images/Think Stock/Canva
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More New York Closings

The company announced 3 closings in New York in July. 7 more locations were added to the list, including the one on Commercial Drive in New Hartford.

READ MORE: Big Lots Closing 3 New York Stores

Buffalo (Linden Corners): 2276 Delaware Ave
Buffalo (Sloan): 698 S Ogden St
Canandaigua: 4406 State Route 5 & 20, Ste 129
Carle Place: 260 Voice Rd
Centereach: 231 Centereach Mall
Ithaca: 2309 N Triphammer Rd
New Hartford: 4645 Commercial Dr
Plattsburgh: 316 Cornelia St
Poughkeepsie: 43 Burnett Blvd
Queensbury: 751 Upper Glen St

More Closings Coming

The closings aren't done yet. The new company plans to continue assessing its operational footprint, which they say will include shutting additional stores.

There's no word on which stores will close or even how many. Only time will tell.

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Here are 13 locations that are no more.

Gallery Credit: Credit - Polly McAdams

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