Sad news about Big Lots: The Ohio-based national discount chain has confirmed it is undergoing Chapter 11 bankruptcy, and is closing down locations.

How many total it will be, they do not yet know. But they've already earmarked approximately 344 store closures, and Austin is among the cities getting hit.

A list released by the chain reveals one store closing in Austin at 2506 W. Palmer Ln.

According to a spokesperson the week of September 9, these locations will begin a "20 percent off" everything in the store starting September 13, above and beyond their usual discount prices, and the majority of the stores will close at the end of September.

A total of 16 stores will close across Texas, including locations in Dallas, Fort Worth, Houston, and San Antonio. Big Lots has 1,389 locations across 48 states, none in Alaska or Hawaii.

If you haven't shopped at a Big Lots, well you're crazy, but you're missing good-quality furniture, household goods, awesome seasonal items, and gourmet foodstuffs, as well as basics like cleaning products and cereal. It's not where you do your regular food shopping, but it is totally where you get limited-edition Cheezit jalapeno-cheese Snap'd crackers.

In a statement, Big Lots' president and CEO Bruce Thorn said that the majority of their stores were profitable, but that they were creating a "more focused footprint."

In a letter to employees, Thorn said the chain could return to profitability in 2025, but would likely be closing more stores as part of the bankruptcy process; and that closures were based on factors such as proximity to other stores, location quality, volume potential, rent/lease obligations, and other operational and financial metrics.

"Our core purpose of helping [our customers] 'Live BIG and Save LOTS' has never been stronger," Thorn said. "As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience."

Big Lots is currently up for auction, and is working with Nexus Capital Management LP, which has placed a bid to acquire the company.