Big Lots is preparing to close all of its stores, the bankrupt discount retailer said Thursday.
The company had previously planned to sell its assets to private equity firm Nexus Capital Management, but that deal is no longer expected to proceed, according to Big Lots. Although the company continues to negotiate with Nexus as well as explore other strategic alternatives, it now plans to shutter all of its locations and is planning to host “going out of business” sales at all stores.
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 deal seekers, billing itself as a place that delivers “bargains to brag about on everything for the home, including furniture, décor, pantry and more.”
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots 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.”
Big Lots filed for bankruptcy protection in September, saying it intended to sell its business to Nexus. In August, Big Lots announced its intention close up to 315 stores, and in October disclosed plans to shut down another 56 locations in 27 states.
U.S. retailers have announced more than 7,100 store closures through the end of November 2024, a 69% jump from the same time last year, according to recent data from research firm CoreSight. That comes as 45 retailers have filed for bankruptcy protection so far this year, compared with 25 retail bankruptcies for all of 2023, the report found.
