New Morgan Stanley headquarters to be built in Homewood
New Morgan Stanley headquarters to be built in Homewood
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**Big Lots Store in Phenix City to Close on September 8, 2024**
By William Thornton | wthornton@al.com
Big Lots is set to close its Phenix City location on U.S. 280, part of a broader plan to shut down 46 stores across the country amid ongoing Chapter 11 reorganization efforts.
The company recently announced plans to close 300 of its 1,400 stores, affecting several locations in Alabama, including Bessemer, Huntsville, Prattville, Sylacauga, and Troy.
Big Lots has indicated that these closures are necessary to streamline operations and continue serving customers effectively. The latest round of closures includes stores in states like Florida, Ohio, Pennsylvania, California, and Texas.
Last month, the retailer filed for bankruptcy just weeks after revealing the store closures. Private equity firm Nexus Capital Management is set to acquire most of Big Lots' stores and operations, with plans for the transition to take place while stores and websites remain operational.
To support its restructuring, Big Lots has secured $707.5 million in financing and aims to meet all employee and vendor obligations. The acquisition by Nexus is expected to finalize later this year.
