Big Lots has announced plans to close all of its stores across the United States as it faces ongoing financial difficulties. The bankruptcy discount retailer, headquartered in Columbus, Ohio, stated on Thursday that it will be conducting “going out of business” sales at all its locations. This decision comes after the company abandoned its previous strategy to sell its assets to private equity firm Nexus Capital Management, amid ongoing negotiations and the exploration of other potential options.
With more than 900 stores nationwide, Big Lots has been a popular destination for customers seeking affordable furniture, home goods, and other consumer products. Despite efforts from CEO Bruce Thorn and the management team to secure a viable solution to save the company, they have acknowledged the challenging circumstances that led to this difficult but necessary choice.
In a statement, Thorn expressed hope for an alternative transaction but stressed the importance of protecting the value of the Big Lots brand. The retailer is currently offering discounts of up to 50% on its website, following a series of closures that began earlier this year. Big Lots had already outlined plans to shut down numerous locations, announcing potential store closures affecting up to 315 locations in August and an additional 56 stores in October.
The retail landscape is facing significant challenges, with over 7,100 store closures projected in the U.S. by the end of November 2024, marking a staggering 69% increase compared to the previous year. Additionally, 45 retailers have filed for bankruptcy protection this year, highlighting the industry’s ongoing struggles.
While the news of Big Lots’ closures is disappointing, it serves as a reminder of the evolving nature of retail and consumers’ changing preferences. The company’s decision to host going-out-of-business sales provides an opportunity for customers to find great deals during this transition. For those seeking bargains, this could be a moment to take advantage of discounts on household essentials.
In summary, Big Lots is taking significant steps to close its operations as it navigates bankruptcy proceedings, reflecting broader trends in the retail sector. Despite the challenges, the upcoming sales may offer some optimism for consumers looking for discounts while the company winds down.