Bankrupt discount retailer Big Lots announced Thursday that it is preparing to close all of its stores.
Big Lots said the company had previously planned to sell its assets to private equity firm Nexus Capital Management, but that deal is not expected to proceed. While the company continues to negotiate with Nexus and explore other strategic alternatives, it currently plans to close all stores and hold “going out of business” sales at all stores.
Big Lots, headquartered in Columbus, Ohio, has more than 900 locations across the United States and sells furniture, lawn and garden, apparel, health and beauty, and other consumer products. Big Lots advertises itself as a place to offer “great deals on furniture, decor, pantries and everything else in your home to show off,” appealing to deal seekers.
“All of us worked extremely hard and did everything possible to complete the going concern sale,” Big Lots CEO Bruce Thorne said in a statement. “While we remain hopeful that we can complete an alternative going concern transaction, we have made the difficult decision to begin the (out-of-business) process in order to protect the value of the Big Lots property.”
A large number of lots have been applied for bankruptcy protection In September, the company announced its intention to sell the business to Nexus. In August, Big Lots announced its intention to close. up to 315 The company announced plans to close 56 more stores in 27 states in October.
U.S. retailers have announced more than 7,100 store closures by the end of November 2024, a 69% increase compared to the same period last year, according to recent data from research firm Coresight. This comes as 45 retailers have filed for bankruptcy protection so far this year, compared to 25 in all of 2023, the report said.
