National retailers to close Springfield stores

Two national retailers are closing Springfield stores as they shut down systemwide operations.

Columbus, Ohio-based Big Lots Inc. and Woodcliff Lake, New Jersey-based Party City Holdco Inc. separately announced planned going-out-of-business sales in recent days.

Big Lots
Big Lots officials said in a Dec. 19 news release that a previously announced asset purchase agreement with private equity firm Nexus Capital Management via bankruptcy proceedings would not be completed as planned.

"We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots President and CEO Bruce Thorn said in the release. "While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the (going-out-of-business) process."

The company is seeking to complete a sale of the company with another suitor by early January. The release did not provide a timeline for the closure sales, and a company spokesperson could not be reached for comment by deadline.

Big Lots operates Springfield stores at 303 E. Battlefield Road and 2565 N. Kansas Expressway, according to its website. The company also has a Lebanon location at 1707 Southdale Ave.

The company's website currently lists 960 locations in the United States.

Party City
Party City announced in a Dec. 21 news release that it would wind down operations at its roughly 700 stores nationwide after nearly 40 years in business.

The company, which has refiled for bankruptcy after going through similar proceedings last year, is keeping on about 95% of its 12,000 employees for the wind-down process. The timeline for the going-out-of-business sales was not provided, and an official could not be reached for comment by deadline.

"The decision was made following exhaustive efforts by the company to find a path forward that would allow continued operations in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors," Party City officials said in the release.

Party City operates in Springfield at 2620 S. Campbell Ave.