Big Lots stores to open this week after 'third wave' comeback from bankruptcy

This week, the discount retail chain Big Lots will open dozens of new stores in a "wave three" relaunch of the brand. It's a radical turnaround for a chain that was previously closing all its stores

This week, bargain retail giant Big Lots is set to unveil dozens of new stores. These openings represent the third phase of a four-part brand revival, signifying a dramatic comeback for the chain.

After revealing in 2025 that store launches would occur in stages, over 70 stores are slated to reopen across the country on May 15, just a fortnight after 60 stores were inaugurated in twelve states on May 1.

In the autumn of 2024, Big Lots declared bankruptcy following years of financial turmoil. The company announced its intention to shutter all 800 of its stores and cease operations permanently, bringing in liquidation experts Gordon Brothers to manage the shutdown.

However, in a last-minute twist, Variety Wholesalers, owner of discount chains such as Super Dollar and Bargain Town, stepped in and agreed to purchase 219 Big Lots locations from Gordon Brothers. Variety then declared it would briefly close these locations for refurbishment and restocking before reopening them under the Big Lots brand.

Like numerous other retailers, Big Lots has felt the pinch of soaring inflation and interest rates. The company highlighted in a press release that economic patterns, including consumer expenditure on home and seasonal items, have dented its earnings.

When it entered bankruptcy, Big Lots ranked as the nation's fourth-largest purveyor of home goods. As 2024 dawned, it boasted 1,392 outlets and a workforce exceeding 27,000. In 2023, the chain raked in $4.7 billion in sales.

"We're thrilled to bring the Big Lots! brand back to life by offering more deals than ever, lots of famous brands and a new apparel department for the entire family," Variety Wholesalers CEO Lisa Seigies said in an April 4 news release.

Variety also stated: "We're opening stores quickly so we can serve the community. We know the stores won't be perfect to start, but each week we'll add more new products as we build towards the grand opening celebration in the fall. Every time a customer visits Big Lots! We want them to find something new and exciting!"

Scheduled for May 15, Big Lots is set to unveil new locations across 13 states: Alabama, Florida, Georgia, Kentucky, Michigan, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

In addition to Variety Wholesalers, other retailers have also announced acquisitions of Big Lots locations. Ocean State Job Lot, based in Rhode Island, declared in March that it would be purchasing 15 Big Lots locations across New Jersey, Maryland, Delaware, Pennsylvania, New York, Massachusetts, Maine and Vermont.

Earlier in February, Ollie's Bargain Outlet revealed plans to acquire 40 former Big Lots store locations. Aldi, the grocery retail chain, has bought a few Big Lots locations, less than a year after Big Lots filed for Chapter 11 bankruptcy and unveiled plans to shut down hundreds of stores.

Following the bankruptcy filing, several companies snapped up the leases of closed Big Lots locations, including Tractor Supply, Ollie's Bargain Outlet and Burlington.

Discount supermarket Aldi is the most recent addition to this list, having acquired a small number of locations spread across three states.