Big Lots closing in Bend as company fails to find buyer, many local employees soon without a job
(Updating with breaking news video from 5PM KTVZ broadcast)
BEND, Ore. (KTVZ) -- An email from Big Lot's CEO sent to employees around the country, including more than 20+ team members in Bend, learned they will soon be out of job as the discount retailer announced they will close all of their remaining locations.
NewsChannel 21 spoke to a longtime employee at the Bend location who said more than 20 employee's will be impacted, many of them serving for more than 10 years with the company.
According to the employee, the email sent to by the company's leadership did not specify exactly when the store would close, but did indicate they would get a severance package.
Receiving the news just days before Christmas made it especially tough, according to the employee, adding how tough finding a job during wintertime can be.
In a release Thursday, Big Lots said it no longer anticipates being able to complete a previously announced agreement with a private equity group to salvage the company.
However, it said, it continues to work toward completing an alternative transaction with that group, Los Angeles-based Nexus Capital Management, or another party.
In September, Big Lots filed for Chapter 11 bankruptcy reorganization after suffering continuous losses. The Columbus, Ohio-based firm has announced hundreds of store closures this year. ConsumerHow a government shutdown could affect Social Security payments
The brick-and-mortar retail landscape in general took another series of blows in 2024, with 49 retail bankruptcies (including automobile dealers and direct-to-consumer brands) to date in the U.S., compared to 25 retail bankruptcies tracked in 2023, according to data from Coresight Research, a consumer insights group.
More than 7,300 store closures year to date have been confirmed by Coresight, led by Family Dollar with 718, followed by CVS with 586 and Big Lots with 580.
That compares with 4,627 store closures across the retail industry by this same time last year, Coresight said.
