Big Lots in Cherry Hill is officially closing down after the retailer declared bankruptcy in September.
Several Big Lots locations are in the process of shutting down, and now, the Big Lots in Cherry Hill will also close its doors, according to a court filing reported on Friday, October 4th.
It is currently unknown when this location will permanently close. 49 Big Lots storefronts will shut down in the near future.
On September 19, the retail store filed for Chapter 11 bankruptcy, following the closure of around 300 locations in August.
The company, mentioning that many of its locations are profitable, also noted that “high inflation and interest rates” have become a significant barrier to its success, as reported by Patch. Patch also documented the company’s commentary on seasonal spending, quoting, from the retail chain, that “core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the Company’s revenue.”
In a press release on September 19th, Big Lots President and CEO Bruce Thorn stated “Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers.” With this news, the company also announced that the online website will continue to operate.
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Maddy Grieco
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Maddy Grieco is a Reporter for ONNJ. She researches and writes the news stories that help bring the show together. In addition to writing, she also works to bolster the social media content for ONNJ, creating ideas to increase engagement on Instagram and TikTok.
She is a rising junior at Bucknell University, where she plans to graduate with a BA in English – Literary Studies. Following graduation, she seeks to enter the literary publishing world and further develop her analytical and editing skills.
