Big Lots preparing to go out of business unless sold by January

SPRINGFIELD, Mass. (WGGB/WSHM) – Retailer ‘Big Lots’ is preparing to go out of business. The announcement came on Thursday after the box store said its anticipated sale to Nexus Capital Management fell through.

If the company doesn’t finalize a deal with Nexus or another party by early January, the chain’s local stores, including the Springfield Cooley Street location, will be affected.

“It’s a little sad, I mean, this is a big store there’s a lot of stores that are going out of business,” Springfield resident Yaritza Robar said. “You try to help these little, small stores like this but it’s unfortunate.”

Thursday’s announcement coming just two months after grocery store, Stop and Shop, permanently closed their Cooley Street location.

Western Mass News spoke with Springfield Ward 7 City Councilor Tim Allen.

“They have their own business reasons for continuing to operate a store or close a store, so in both of those cases, I don’t think it’s indicative of anything besides they made decisions that made financial sense for them,” he said.

He explained that despite the impact these closures have in the community, economic growth is happening in Springfield.

“We just got the replacements for the Eastfield Mall. The first wave of stores were just announced and that’s a great selection of stores there as well and a boost for Springfield,” Allen emphasized.

While shoppers may be disappointed with the possibility of Big Lots closing its doors, they tell us they’re looking forward to the deep discounts that come with “going out of business” sales.

“I’m sure their prices are going to drop, and I want to make sure that, you know, I’m getting the best prices as well,” Roban added.

As of right now, Big Lots says they’ll continue to serve customers in stores and online and will provide further updates as they become available.

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