Bankrupt discount retailer Big Lots is preparing to close all its stores Said Thursday.
The company previously planned to sell its assets to private equity firm Nexus Capital Management, but according to Big Lots, the deal is no longer expected to go ahead. Although the company is negotiating with Nexus as well as exploring other strategic options, it now plans to close all of its locations and host a “going out of business” sale at all stores. Making it.
Big Lots, which is based in Columbus, Ohio, and operates more than 900 locations across the U.S., sells furniture, lawn and garden, apparel, health and beauty and other consumer goods. Big Lots appeals to bargain seekers, billing itself as a place that offers “bargains to be proud of on everything for the home, including furniture, decor, pantries and more.”
“We have all worked extremely hard and taken every step to complete the ongoing sale,” Big Lots CEO Bruce Thorn said in a statement. “Although we remain hopeful that we can close an alternative going-concern transaction to protect the value of the Big Lots estate, we have made the difficult decision to initiate [going out of business] Process.”
Large lots applied for bankruptcy protection In September, it said it intended to sell its business to Nexus. In August, Big Lots announced its intention to close. till 315 stores, and in October disclosed plans to close another 56 locations in 27 states.
According to recent data from research firm Coresight, US retailers have announced more than 7,100 store closures by the end of November 2024, a 69% increase from the same period last year. The report found that 45 retailers have filed for bankruptcy protection so far this year, compared to 25 retail bankruptcies in 2023.