Big Lots puts more store leases up for sale

Bankrupt discount retailer Big Lots has added more than 200 stores to a nationwide list of locations that are likely to close, including a pair of stores in Indianapolis.

In mid-December, Big Lots announced plans for liquidation sales at all of its U.S. stores as part of a bankruptcy that it filed for in September. Eight days later, the retailer said it reached a deal with asset buyer Gordon Brothers Retail Partners that would allow between 200 to 400 stores to remain open.

Last month, Gordon Brothers began offering 460 Big Lots leases for sale in 47 states, with stores ranging from about 19,000 to 58,500 square feet. This week, Gordon Brothers added another 200 leases to the list, including Indianapolis stores at 5520 Madison Ave. and 10235 E. Washington St.

Those stores join a previous list of 20 leases in Indiana up for sale that includes the Big Lots at 1650 E. County Line Road in Indianapolis as well as stores in Anderson, Bloomington, Franklin, Greenfield, Shelbyville and Speedway.

The three Indianapolis stores remain open, according to the retailer’s online store finder, as does the Speedway store.

The company extended a deadline for lease offers to no later than Feb. 17.

Elsewhere in Indiana, another 10 leases were added to the sales list, including stores in Bedford, Columbus, Richmond and Seymour.

As part of its bankruptcy proceedings, Big Lots also reached a deal with Variety Wholesalers, which owns more than 400 retail stores in the Southeast and Mid-Atlantic under several brands, including Super Dollar, Bill’s Dollar Stores, Roses and Super 10.

Variety Wholesalers said it expected to acquire 200 to 400 stores and continue to operate them under the Big Lots brand. So far, the only Indiana store it plans to purchase is in Jasper.

As of December, Indiana had more than 40 Big Lots locations, with a dozen of those in the Indianapolis area.

In July 2024, Big Lots said the Indianapolis store at 8401 Michigan Road in Indianapolis would be closing along with stores in Kokomo, Elkhart, Fort Wayne and Warsaw. In October, the Indianapolis store at 6225 Allisonville Road and the Noblesville store announced closures.

The company had about 900 stores overall when it filed for bankruptcy in September.

Retail experts said a lackluster brand identity, flagging home goods sector and competition from online retailers and mass-discounters all contributed to Big Lots’ financial turbulence.