Texas Tip Of Iceberg Now Sinking Massive Retailer’s 340 Stores

Austin, Texas might be attracting Fortune 500 companies to relocate to its metro every other month, but yet like many other markets around the country, it is not enough to keep several legacy brands afloat while one retail giant is now closing around 300 stores.

Read More: Prize Texas Based Bar & Grill Chain Now Selling Everything

What is probably the most disappointing is every once in a while we go a few weeks between learning of the latest major company bankruptcy, but just as we begin to feel like we are out of the woods, here comes another announcement.

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The news of this latest bankruptcy is especially troubling because it coincided with the Federal Reserve cutting interest rates, opening up the opportunity for more homes to be sold, and there is no greater place for furnishing your home than this retail giant.

Texas Tip Of Iceberg Now Sinking Massive Retailer's 340 Stores

Big Lots, like a ton of similar retail brick and mortar stores, has never really recovered since the onset of the Covid restrictions. In an effort to completely avoid going belly up and being forced to close all of their stores, they have agreed to be acquired by a private equity firm called Nexus Capital Management LP based in Los Angeles, California.

Currently, 16 Texas locations of 340 are scheduled to close soon, and they are featuring huge going out of business sales. Currently California is taking the biggest hit with 54 stores closing.