Big Lots has announced its plan to close all of its stores, following a failed asset sale to private equity firm Nexus Capital Management. The discount retailer, which has over 900 locations across the United States from its headquarters in Columbus, Ohio, will begin “going out of business” sales at all its stores.
Despite efforts to negotiate with Nexus and explore other strategic alternatives, Big Lots CEO Bruce Thorn stated that the decision to initiate the closure process was made to safeguard the company’s remaining assets. Thorn expressed the team’s dedication in trying to pursue a viable sale that would keep the business running.
Big Lots, known for offering a wide array of discounted items ranging from furniture to health and beauty products, previously announced plans to close up to 315 stores in August and an additional 56 in October due to financial difficulties. This follows the company filing for bankruptcy protection in September, during which it aimed to transition the business to Nexus Capital.
The retail landscape has faced significant challenges, with over 7,100 store closures announced in the U.S. by the end of November 2024, marking a 69% increase compared to the previous year. 45 retailers have filed for bankruptcy protection this year alone, a notable rise from 2023.
Though the news about Big Lots is somber, it underscores the ongoing challenges facing retailers in the current economic climate. There is hope that as the industry evolves, new opportunities may arise for both consumers and businesses, paving the way for innovative retail experiences in the future. Additionally, shoppers can take advantage of the ongoing sales to find deep discounts on household goods as the company winds down its operations.