BY JEFF CHUDZINSKINorth Country This Week

Big Lots has announced it has filed for Chapter 11 bankruptcy protection, with plans to close an unknown number of stores in the near future.

The retail chain announced the filing on Sept. 8, roughly one month after initially announcing plans to close 35-45 stores. Eventually, executives announced that figure would be around 300 total stores.

Spared in the initial cuts were the Potsdam and Massena stores, however the Plattsburgh location was closed.

Big Lots also operated branches in Malone and Watertown locally.

Executives announced Monday the company plans to sell assets and business operations to Nexus Capital Management, a private equity firm.

A plan has also been laid out to close roughly 250 additional stores by January 2025, on top of the initial 300 that were announced just last month.

Though a comprehensive list has yet to be announced, officials with Big Lots have said some stores have already started the process to liquidate stock and close.

Big Lots currently operates 1,389 locations.

In some cases, officials said banners would be placed on stores to advertise 30% to 50% sales in-store, though it has not yet been announced if that is a precursor to a location closing permanently.

Other locations slated to close in New York include Buffalo, Canandaigua, Carle Place, Centereach, Ithaca, New Hartford, Poughkeepsie and Queensbury, according to an announcement.

In a press release Monday, Big Lots President and CEO Bruce Thorn said that while “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.”

Thorn also commented that the company will "use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”

The closure of roughly 550 stores means that Big Lots' market will shrink by 40% if the numbers hold true, a significant reduction for a company that has steadily expanded since its inception in 1967.

It is not clear at this time when Big Lots officials plan to announce further closings.