Another Major Retailer with 26 Locations in WA Contemplating Chapter 11

Another day, another store risking closure.

So many stores and businesses are still feeling the effects of the pandemic even years after shops have reopened. We've heard many restaurants and retail stores that have filed for Chapter 11 or even some that have simply closed their doors for good.

It's always a sad situation when something like that happens.

Another popular retailer has mentioned they're starting to head that direction.

Nothing in the works, yet, but they're self-aware of their own situation that could lead them in that direction sooner than later.

What retailer may be considering filing for Chapter 11?

Big Lots are aware that business has slowed and may not have the cash needed to survive, according to sunherald.com.

"Based on our current cash and liquidity projections, and uncertainties with respect to the mitigating effect of management’s plans, the company has concluded there is a significant likelihood that it will be unable to comply with the Excess Availability Covenant under the 2022 Credit Agreement and the Term Loan Facility within the next 12 months, which raises substantial doubt about the company’s ability to continue as a going concern."

Big Lots has several locations throughout the US including 26 in Washington state and the one right here in Yakima. It's a store I love visiting just to see what they have as they're likely to carry things that other stores may not (like my bag full of just cereal marshmallows).

We'll see you posted as always.