Big Lots Stores Closing in Texas: Will Midland or Odessa be Affected?

This year has been a tough year for many major retailers. Unfortunately, Big Lots is one of the most recent in hot water. After filing Chapter 11 Bankruptcy this month, they announced, that they are closing over 340 stores across the United States, including some in Texas.

Growing up I remember shopping at the Big Lots off of Andrews Highway in Odessa. They always had deals for every season and occasion. You could go from school shopping to buying a new mattress. How do I know? Because I did that exact thing! Whatever you needed you could find at Big Lots and for a bargain.

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TEXAS IN TROUBLE

Texas did make the list with 16 stores closing down. That is nothing compared to the 75 closing in California. Florida is close to the top with 28 stores, and following close behind is Arizona with 22 stores.

Let out the breath you are holding because Midland and Odessa will not be affected by these closures. Some Texas areas affected are Austin, Dallas, Fort Worth, Houston, Baytown, Frisco, Galveston, Kilgore, McAllen, Richardson,  Stephenville, and Terrell. So far 296 leases for these stores have gone up for auction.

WHAT'S IN THE FUTURE

Most of the time with these types of closures comes price hikes. Big Lots CEO, Bruce Thorn assured everyone they will continue to get extreme bargain prices. People are rightfully worried about the stores' future but Bruce reassured most Big Lots stores are profitable.

Big Lots also stated that it plans to sell its assets and ongoing business operations to the private equity firm Nexus Capital Management. Hopefully, the new owners can save the company because what are we supposed to do without our Big Lots?