Update 9/9/24: Big Lots filed for bankruptcy yesterday. They’re being bought by an affiliate of Nexus Capital Management and have secured financing of more than $700 million. They’re therefore going to remain in business for the foreseeable future. If you have any Big Lots gift cards though, my recommendation remains that you redeem them and/or resell them sooner rather than later as there’s no knowing how long they’ll be able to continue in business. h/t Matt
Big Lots recently filed with the SEC with a couple of concerning features. One is that they’re planning on closing 35-40 stores this year and only opening three new ones. Considering they began the year with almost 1,400 stores, that’s not necessarily unduly concerning.
However, they also suffered another loss in the last quarter due to a decline in spending among their customers and warned that they have concerns about continuing to operate. As a result, they might end up having to file for bankruptcy.
As things stand, there doesn’t seem to be an immediate plan to do that. However, it’s something worth being aware of if you currently have any Big Lots gift cards or might be taking advantage of discounts on Big Lots gift cards in the future, whether for personal use or reselling. Even if Big Lots did file for bankruptcy, it’s likely their gift cards would still be valid in-store; it’s when a company announces that they’ll be liquidating that it’s more of a rush to redeem gift cards.