Business
Big Lots closes all its stores in the U.S., liquidations and reasons for closure
Big Lots is preparing to hold going-out-of-business sales and shut down all its remaining stores, after already closing more than 400 locations this year.
Giant retailer Big Lots has announced it will shut down its stores and is preparing to hold going-out-of-business sales at all remaining locations in the coming days.
It had filed for bankruptcy in September and hoped to keep the the store afloat by selling it to private equity company Nexus Capital Management for $760 million.
The retailer said it does not expect to push through with the previously announced agreement with Nexus.
Big Lots President and Chief Executive Officer Bruce Thorn said they are still working to reach an alternative deal with the equity company, or sell to another party by January.
“We all have worked extremely hard and have taken every step to complete a going concern sale. While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process,” Thorn said in a statement.
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Big Lots has 937 remaining locations across the 47 states, after closing more than 400 stores in 2024.
The company will continue business operations but is already in the process of store closures in an effort to reduce costs. It said it will continue to serve customers both in physical locations and online. According to its website, shoppers can save up to 25% off the entire store.
Big Lots files for bankruptcy after poor sales
The retailer filed for bankruptcy protection a few months ago after earlier reports that it was set to close almost 300 stores across the United States. The company recorded a net loss of more than $200 million for the first quarter of their fiscal year.
Net sales for the period amounted to a little over $1 billion, which was 10.2% less compared to sales for the same period in 2023.
The discount store company attributed the drop to a “challenging consumer environment.”
Big Lots stated its plans to sell the business to Nexus as part of its bankruptcy filing.
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