You’ve seen the headlines. It's been a rough stretch for discount retail, and if you’re looking for the Big Lots Round Lake location on Route 120, things have changed. Retail isn't what it used to be. Honestly, the sight of those bright orange "Store Closing" banners has become a bit too common in Lake County lately.
It's confusing.
One day you're grabbing a cheap patio set, and the next, the windows are papered over. The Big Lots in Round Lake, specifically located at 740 West Route 120, was part of a massive wave of closures that swept through the country following the company's Chapter 11 bankruptcy filing in late 2024. For locals, this wasn't just another store. It was a primary spot for affordable seasonal decor and those weirdly specific snacks you can't find at Jewel-Osco.
Why the Round Lake Big Lots Shut Down
Why did it happen? It wasn't just poor management, though critics point to some questionable corporate decisions over the last decade. The company struggled with a heavy debt load and a significant drop in consumer spending on "big ticket" items like furniture. People just aren't buying $600 couches on a whim anymore.
Inflation hit their core customer base hard. When eggs cost five bucks, nobody's looking for a decorative ceramic gnome.
The Round Lake location was among several Illinois stores—including those in Niles, Bourbonnais, and Fairview Heights—that faced the axe. According to court filings from the bankruptcy proceedings, the company sought to shed underperforming leases to save the brand as a whole. It’s a survival tactic. By cutting the "dead weight" of stores with high rent or lower-than-average sales, they hoped to keep the remaining fleet afloat.
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Round Lake Beach and the surrounding area have seen a lot of retail shifts. Think about it. We've seen the rise and fall of various anchors in the Mallard Creek Shopping Center and nearby plazas. The competition is brutal. You have a Walmart Supercenter right down the road and a Meijer not too far off. In that kind of environment, a "closeout" store that doesn't always have the lowest prices struggles to find its footing.
The Reality of the "Closeout" Model in 2026
Big Lots used to be the king of the "treasure hunt." You'd go in not knowing what you'd find. Maybe a name-brand cereal for a dollar? Or a high-end lamp that was mislabeled? That was the draw. But as supply chains tightened, those "buyouts" became harder to find.
Most of the stuff in the Round Lake store toward the end wasn't actually closeout merchandise. It was private-label goods specifically manufactured for Big Lots.
That's a different business model. It's basically a smaller, less-efficient version of Target. When the "treasure hunt" aspect died, a lot of the local loyalty died with it. People in Round Lake are savvy shoppers. If they can get the same Broyhill sofa online or at a dedicated furniture store with better delivery options, they’re gonna do it.
What’s Happening With the Building Now?
The 740 W Route 120 spot is a decent piece of real estate. It's roughly 30,000 square feet. That’s a "mid-box" retail size. It's too small for a full-scale grocery store but a bit large for a specialty shop.
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Local zoning in Round Lake can be a bit of a maze, but there’s already talk about repurposing these large retail footprints. We've seen former retail spaces in Lake County turn into everything from indoor pickleball courts to climate-controlled storage units. While no official tenant has moved into the specific Big Lots footprint as of early 2026, the property is being marketed as a prime redevelopment opportunity due to its high visibility on one of the busiest corridors in the village.
Alternatives for Round Lake Shoppers
So, where do you go now? If you were a regular at the Big Lots Round Lake, you probably valued two things: price and convenience.
- Ocean State Job Lot: These guys have been expanding into the Midwest and often occupy former Big Lots spaces. They have a very similar "random stuff at cheap prices" vibe.
- Five Below: For the smaller knick-knacks and seasonal items, the Five Below over in the nearby shopping centers has effectively captured the younger demographic that Big Lots lost.
- Goodwill & Thrift Stores: For furniture, the local thrift scene in Lake County is surprisingly robust. If you're willing to hunt, you'll find better quality than the particle-board stuff Big Lots was pushing in its final years.
It's sorta sad to see a community staple go, but that's the cycle of the suburbs. Stores open, they serve a purpose for twenty years, and then they make way for whatever the next generation of consumers wants.
The Broader Impact on Lake County Retail
The loss of Big Lots isn't an isolated event. It’s part of a wider trend where "middle-tier" retail is being squeezed out. You either have to be the cheapest (Walmart/Dollar General) or the most convenient (Amazon). Being stuck in the middle is a death sentence.
In Round Lake, we've seen the village work hard to diversify the tax base. They're pushing for more service-oriented businesses—dentists, gyms, restaurants—rather than just big-box retail. It’s a smart move. You can't download a haircut or a taco, but you can definitely download a toaster.
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If you still have a Big Lots gift card burning a hole in your pocket, don't panic yet. While the Round Lake store is gone, the company didn't disappear entirely. They were acquired by Nexus Capital Management during the bankruptcy process. This means some stores survived. You'll likely have to drive a bit further—perhaps toward the remaining locations in the Chicago suburbs—to use that credit. Just check their store locator online before you put the keys in the ignition.
Shopping Smart Moving Forward
If you're looking for those deep discounts, you have to be more proactive now. Gone are the days of just strolling into a store and finding a 70% off deal. You've gotta use the apps. You've gotta track the liquidators.
When a store like Big Lots Round Lake closes, liquidators like Hilco Merchant Resources or Gordon Brothers usually take over. Those first few weeks? The "discounts" are usually fake. They mark prices up to MSRP and then "discount" them by 10%. The real deals happen in the final ten days. That’s when you find the 80% off items, but by then, the shelves are usually bare or filled with broken items.
Actionable Next Steps for Local Residents
If you’re a former regular of the Round Lake location, here is how you should pivot your shopping habits:
- Check the Remaining Illinois Locations: If you are a member of their "Big Rewards" program, your points are still valid at open locations. The nearest ones are likely a 20-30 minute drive depending on traffic on Route 12.
- Monitor the Route 120 Property: Keep an eye on local village board meetings or the Round Lake community Facebook groups. Usually, news of a new tenant breaks there months before a sign goes up.
- Search for Liquidation Outlets: Look for "bin stores" in the Lake County area. These businesses buy the truckloads of returns that Big Lots and Amazon used to sell off. They are the new "treasure hunt" destination for the area.
- Update Your Online Profiles: If you had the Round Lake store set as your "Home Store" on the Big Lots app, change it now. This prevents the app from showing you "in-stock" items that you actually can't go pick up.
The era of Big Lots in Round Lake has officially ended. It was a good run, and many of us have a piece of furniture or a holiday decoration in our homes that came from those aisles. But as the retail landscape shifts toward 2027 and beyond, the focus is clearly moving toward smaller, more specialized, and digitally integrated shopping experiences. The empty storefront on Route 120 is just a temporary placeholder for whatever comes next in the village’s evolution.