Big Lots on San Pedro Ave. Closing Down
A Big Lots store in San Antonio will be shutting its doors as part of the Ohio-based company’s restructuring process following its Chapter 11 bankruptcy filing. The store, located at 16648 San Pedro Ave., is one of eight Big Lots locations in the Alamo City, and it will be affected by the company’s financial turmoil.
On September 9, Big Lots revealed it had entered into a sale agreement with Nexus Capital Management, a move aimed at aiding in the company’s restructuring efforts. According to a statement from the Columbus-based retailer, Nexus Capital Management will “acquire substantially all of [Big Lots’] assets and ongoing business operations.”
Just two days later, on September 11, a court ruling allowed Big Lots to continue its operations during the sale, ensuring the company could still pay wages and benefits to its employees. However, Big Lots is set to be delisted from the New York Stock Exchange on September 23, following a motion filed by the NYSE on September 10. The company has decided not to appeal the decision and will return to court for further proceedings on October 9.
Earlier this summer, Big Lots announced plans to close over 300 of its nearly 1,400 stores. While Texas locations were initially spared, it remains unclear how many stores nationwide will eventually face closure.
