Alabama store among 46 more locations Big Lots is closing nationwide

Another Big Lots location in Alabama is set to close, along with over 40 other stores nationwide.

The store in Phenix City, located on U.S. 280, is among the 46 stores that will shut down as the retailer navigates a Chapter 11 reorganization.

In August, the company announced plans to close 300 of its 1,400 stores, including locations in Bessemer, Huntsville, Prattville, Sylacauga, and Troy.

Big Lots had previously indicated that it might need to close certain locations to operate more efficiently and continue serving customers.

The latest round of closures also affects stores in Florida, Ohio, Pennsylvania, California, and Texas, among others.

Last month, Big Lots filed for bankruptcy just weeks after revealing the store closures. Private equity firm Nexus Capital Management is set to acquire "substantially all" of Big Lots' stores and business operations, with stores and websites remaining operational during the transition.

As part of its restructuring plan, Big Lots has secured $707.5 million in new financing to support ongoing operations and has committed to paying all employees and vendors, according to CNN. The acquisition by Nexus is expected to finalize by late this year.