Big Lots Files For Chapter 11, Wyoming Will Lose At Least One Store

Big Lots Bankruptcy and Store Closures

Big Lots has newly filed for Chapter 11 bankruptcy reorganization, marking a significant moment for retailers. Wyoming's Cheyenne location, known for its wide selection, has announced a liquidation sale up to 40% off, indicating the shift in the company's strategy to streamline operations. The Casper store, while currently safe, remains on the chopping block as future decisions loom.

Reasons Behind the Filing

In its bankruptcy announcement, Big Lots cited high inflation and soaring interest rates affecting its core financial performance and sales. Additionally, changes in consumer purchasing behavior have unnerved investors and analysts alike. Compounding these challenges, some employees have pointed out rising crime rates and high theft as contributing, albeit unresolved, factors leading to the current state.

Impact on Wyoming Stores

• The Cheyenne Big Lots store will remain open for 12 to 16 weeks to liquidate inventory, with discounts increasing weekly.
• Casper's store is not on the initial liquidation list but remains vulnerable to future closures.
• Store employees and local law enforcement have documented increased crime, highlighting potential operational vulnerabilities.

Big Lots' History and Future

Founded in 1967, Big Lots has had a storied history in the discount retail landscape. However, it finds itself in challenging times as inflation adversely affects sales. With competitors like Dollar Tree and Dollar General also facing difficulties, this bankruptcy signals a deeper issue ongoing within the discount retail sector.