Big Lots to Begin 'Going Out of Business' Sales at All 963 Locations After Chapter 11 Bankruptcy

Dec 19, 2024, 06:34 PM

Big Lots Inc., a discount retailer, has announced it will begin 'going out of business' sales at all of its 963 remaining locations across the United States. This decision follows the collapse of a planned sale to Nexus Capital Management, a private equity firm. Bruce Thorn, Big Lots' President and Chief Executive Officer, stated that the move was necessary to protect the company's value during bankruptcy proceedings. The company, which employs over 27,000 people, had filed for Chapter 11 bankruptcy protection in September and has already closed more than 400 stores this year, marking a 30% reduction in its store footprint. Big Lots is continuing efforts to secure an alternative deal with Nexus or another party, with the goal of completing a sale by early January. In the meantime, the company will proceed with the liquidation sales.