Another Big Lots shop shutting down in central Ohio as part of bankruptcy

COLUMBUS, Ohio (WCMH) -- Big Lots is adding a central Ohio store to a growing list of locations the company is closing after filing for bankruptcy earlier this month.

While the chain had submitted plans last month to close about 315 stores nationwide, an updated filing with the Securities and Exchange Commission shows the company will shutter 344 locations, including the store at 311 Deo Dr. in Newark. The filing also lists one of the chain's Cincinnati locations at 8576 Beechmont Ave. as set for closing.

The updated closure list comes after the Columbus-based retailer reported a $238 million loss during its second quarter this year. Big Lots also announced earlier this month it filed for Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. As part of the court filing, the chain has entered into a sale agreement with private equity firm Nexus Capital, who will acquire all the company's assets and business operations.

Big Lots said, as part of the court-supervised sale process, the company is "continuing to assess its operational footprint," which will include closing additional stores. The company boasted that while a majority of locations are profitable, it intends "to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner."

The chain is also closing its distribution center in west Columbus by the end of October, leaving nearly 400 people without jobs. The company had filed a notice to the City of Columbus earlier in the week, which did not provide a reason for closing the center at 300 Phillipi Rd.

Late last month, Big Lots was aiming to fight off bankruptcy by offering big discounts on Halloween costumes and decorations. The chain bought its "biggest extreme bargain Halloween closeout ever" from a "well-known national party supply retailer's overstock" that was originally valued at $11 million. The deal includes hundreds of new Halloween items that will be sold for 50 to 70% less than their original prices.

Big Lots had announced in early August it is shuttering several Ohio stores, among more than 300 locations that are closing amid speculation the company will file for bankruptcy. While Big Lots initially shared plans in June to shutter 35 to 40 stores by the end of 2024, the number of closures ballooned in July as 149 locations posted banners on their websites that read "closing this location." Then, the chain submitted an updated filing with the Securities and Exchange Commission that stated the company expected to close up to 315 stores.

Big Lots is now joining a sea of other stores and restaurants that have filed for bankruptcy since the COVID-19 pandemic. Red Lobster is closing a chunk of Ohio locations after filing for bankruptcy in May, citing $1 billion in debt. Bed, Bath & Beyond filed for bankruptcy last year, shuttering a number of central Ohio stores.

Orlando-based Buca di Beppo filed for Chapter 11 on Sunday as the company said it owes at least $15 million to $50 million to at least 30 creditors, court documents show. Plans were finalized earlier this year to bulldoze the chain's Worthington restaurant at 60 E. Wilson Bridge after the site was purchased by Chick-fil-A in April.

Big Lots' Ohio stores include a Delaware location that was transformed last year into "Big Lots Home," a new brand of stores dedicated to furniture and décor. The location was one of 10 Big Lots that underwent the rebranding, including stores in Louisville and Georgetown, Kentucky.