Discount retailer Big Lots in September initiated Chapter 11 bankruptcy proceedings which includes streamlining operations and closing select stores… a list which now includes South Jersey locations in Glassboro, Millville and Mays Landing.
Other South Jersey stores are remaining open at this time.
Big Lots is an American discount retail chain offering deep discounts on every day products as well as a significant offering in furniture. Our home has a couch from Big Lots that I remember was already a great price but then because at the time we were first-time buyers, they gave us an extra few hundred dollars off!
FastCompany.com has reviewed Big Lots bankruptcy documents and state the full store closing list is around 450. Additionally I have a “Bankruptcy Auction” PDF produced by A&G Real Estate Partners which lists Glassboro, Millville and Mays Landing in the list of ten New Jersey stores to close.
Big Lots has been adding batches of stores in “waves” and then moving through the store closing process following the same groupings.
The Mays Landing closing was previously announced, while Glassboro and Millville are listed in the latest “Wave 5″. The location website page for Big Lots Mays Landing clearly shows “Closing This Location” while Glassboro and Millville being in the latest wave, have not been updated yet.
Unofficial online commentary says they are moving through these closings quickly and it’s possible that the Wave 5 stores (Glassboro and Millville) could see store closing sales begin soon. I am following up on that status and hope to update.
All three of these South Jersey locations are somewhat surprising to me as they are in thriving commercial shopping centers where you would think store sales would be strong. While I do not know the reasoning behind the choices… there are likely other financial factors in-play such as rent costs, contract length, and exit clauses.
Glassboro for example has only been open for four years after they relocated from a much older store a 1/2 mile up the road. I’ve regularly praised the Collegetown Shopping Center team for their smart redevelopment… particularly where they took a closed Kmart retail store and converted it into 3 new big name retailers(LIDL, Big Lots, Ross).
The Millville location also is in a thriving area, attached to the Lowe’s Home Improvement store on Delsea Drive. That shopping center is directly next to the very popular Union Lake Crossing shopping center which has added a considerable number of new tenants.
I have not been to the Mays Landing location (Hamilton Commons) but they just recently welcomed a Grocery Outlet, and the center also includes Hobby Lobby, Ross, Chuck E Cheese and more.
Big Lots Bankruptcy
In early September, Big Lots announced they had filed for bankruptcy with a plan to close additional stores under their new leadership.
According to the USA TODAY, back in July Big Lots stated they had planned to close 35 to 40 stores… with the number quickly rising to over 300 planned closings.
As part of the initial announcement of the Chapter 11 bankruptcy proceedings, the associated Store Closings were initiated to facilitate “a more focused footprint” and make the business more financially sound as they move into new ownership.
Links and Locations
Big Lots Stores Closing