12/20/2024
Big Lots announced Thursday that it plans to close all of its stores as the bankrupt discount retailer winds down operations. The company had initially planned to sell its assets to private equity firm Nexus Capital Management, but that deal is no longer expected to proceed. While Big Lots is still in discussions with Nexus and exploring other strategic options, it has begun preparations to shut down all locations, including hosting “going out of business” sales.
Headquartered in Columbus, Ohio, Big Lots operates more than 900 stores across the U.S. and offers a variety of products, including furniture, lawn and garden items, apparel, health and beauty goods, and other consumer merchandise. The retailer has marketed itself as a destination for “bargains to brag about” on home essentials, such as furniture, décor, and pantry staples.
“We have all worked extremely hard and taken every possible step to complete a going-concern sale,” said Big Lots CEO Bruce Thorn in a statement. “While we remain hopeful for an alternative going-concern transaction, we have made the difficult decision to initiate the [going out of business] process to preserve the value of the Big Lots estate.”
The company’s website now advertises discounts of up to 50% off across its entire online store and confirms that all physical stores will be closing.
Big Lots filed for bankruptcy protection in September, initially aiming to sell the business to Nexus. Before that, the company announced plans in August to close up to 315 stores and later revealed in October the closure of an additional 56 locations across 27 states.
The broader retail industry has seen a wave of closures this year, with more than 7,100 stores shuttering in the U.S. by November 2024—a 69% increase from the same period in 2023, according to CoreSight Research. Additionally, 45 retailers have filed for bankruptcy protection in 2024, compared to just 25 in all of 2023.
Staff✍️