National chains in ABQ go bankrupt

It doesn't appear that Albuquerque-area Big Lots will be saved as part of a deal that will keep some of the national chain's stores across the country open.

Big Lots was one of two national chains with a presence in Albuquerque that announced last year it was closing its stores after filing for Chapter 11 bankruptcy. Big Lots stores in Albuquerque and Rio Rancho still have automated messages saying they will be closing. The Albuquerque stores have banners across the entrance stating they will be closing.

Meanwhile, Big Lots Jan. 3 announced it closed a sale agreement with Gordon Brothers Retail Partners that will enable Variety Wholesalers to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand. In addition, Variety Wholesalers may employ Big Lots workers at the acquired stores, according to a Big Lots news release.

Multiple emails and phone calls left with Big Lots inquiring about the future of its stores in Albuquerque and Rio Rancho were not returned.

“This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand,” Big Lots President and CEO Bruce Thorn said in a statement.

There are three Big Lots in Albuquerque at 465 Coors NW, 5341 Menaul NE and 9500 Montgomery NE, and a store in Rio Rancho at 1660 Rio Rancho SE.

Another national chain in Albuquerque and Rio Rancho, Party City, will be closing next month.

The company, which sells costumes, decorations and other party supplies, has two stores in the Albuquerque-metro area at 4410 Wyoming NE and 10254 Coors Bypass NW.

Party City in December reported all stores would be closing after it filed for bankruptcy.

“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 said in a statement.

The stores will close on Feb. 28. In the meantime, the company said on its website that all items will be at least 50% off.