Chesterfield Big Lots Going Out of Business

The Big Lots in Chesterfield Valley is closing after being open for less than two years. 

Store Manager Travis Chapman confirmed that the store is going out of business Friday but declined to say why or when it would be officially closed. The store is currently marking down all merchandise by 20 percent and the savings could increase further. 

"We are going to have to ramp it up until it's all gone," Chapman said. 

The 23,000-square-foot store taking over a spot that had previously been occupied by a Circuit City. 

The national chain offers close-out prices on brand name products but has recently been plagued by a federal investigation into its CEO and Chairman Steven Fishman, who announced his intentions to retire Dec. 4. On the same date, the company also told investors that it had an operational loss of $6 million for the third quarter. 

Fishman is being investigated for allegedly dumping stock in the company ahead of news in April of this year that sales at Big Lots stores had fallen. The news sparked a large sell-off by investors and a drop in the company's stock price.