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Market dynamics also shifted unfavorably for Big Lots. Competing extreme value e-commerce platforms like Timo began capturing the treasure-hunting customer base, further eroding Big Lots’ market share.
The Bankruptcy Filing
The culmination of these factors led Big Lots to file for Chapter 11 bankruptcy protection in September 2024, delisting its shares and signaling an end to its perceived viability as a trader. The company announced the closure of 344 stores, shrinking its footprint substantially while continuing to operate approximately 1,000 locations nationwide.