Big Lots has announced it is also closing all of its stores and is planning “going out of business” sales at all of its stores. According to CBS News, a previously planned sale to equity firm Nexus Capital Management is no longer going forward. The company is still negotiating with Nexus, but the current plan is to shut stores and sell off inventory.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” CEO Bruce Thorn said in a statement. “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 [going out of business] process.”
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Big Lots has already lowered prices on its online store by 50 percent, confirming that all the physical stores will be closing. The company had filed for bankruptcy protection in September, having announced the closure of around 315 stores in August, adding 56 more in October.
The chain joins several other retailers in the United States who have announced store closures, jumping 69 percent from the year before. Around 45 retailers have filed for bankruptcy in 2024, with 25 in 2023.
Big Lots would be the third largest closure in 2024, only behind CVS Health and Family Dollar. The latter is the top entry, with 677 stores closing. Others on the list include 7-Eleven, Rite Aid, Walgreens, Foot Locker, Dollar Tree and Save A Lot.
The official Big Lots website lists all of the items on sale for at least their online presence, but also confirms that the stores will be keeping a close eye on sales going forward.
