Discount retailer Big Lots has announced that it will be closing all of its remaining stores after a deal with its buyer fell through. The company is currently holding “going out of business” sales at its 908 locations nationwide.
Big Lots had been struggling financially for some time, closing hundreds of stores throughout 2024 and filing for Chapter 11 bankruptcy earlier this year. The company had reached an agreement to transfer ownership of its stores and operations to private equity firm Nexus Capital Management, but that deal recently collapsed.
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“We are disappointed that the deal with Nexus Capital Management did not close,” said Bruce Thorn, Big Lots President and CEO. “However, we are committed to maximizing value for our stakeholders and believe that conducting going out of business sales is the best course of action at this time.”
The company is offering steep discounts of 25% off all merchandise in an effort to liquidate its inventory. All brick-and-mortar stores are expected to close permanently.
This news comes as another blow to the retail industry, which has faced numerous challenges in recent years, including the rise of e-commerce, changing consumer habits, and economic uncertainty.
Big Lots’ closure follows a similar announcement by Party City, which also revealed it is going out of business and closing all stores. Both retailers are holding liquidation sales with significant discounts in an attempt to sell off remaining inventory.
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The closure of Big Lots will impact thousands of employees and leave a void in the discount retail market. It remains to be seen whether another buyer will emerge to acquire the company’s assets or if the brand will disappear entirely.
For now, shoppers can take advantage of the deep discounts offered during the going out of business sales.
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