Big Lots to Close All 963 Stores, Starting 'Going Out of Business' Sales After Chapter 11 Bankruptcy, Impacting 27,000 Employees

Dec 19, 2024, 06:31 PM

Big Lots, the discount retailer employing over 27,000 people, is set to begin 'going out of business' sales at all of its 963 locations after failing to secure a buyer following its Chapter 11 bankruptcy filing. The company confirmed that it will close all remaining stores, a move that comes after the collapse of a proposed sale to private equity firm Nexus Capital Management. This decision follows the closure of hundreds of stores earlier this year, resulting in a roughly 30% reduction in its retail footprint. The liquidation efforts aim to preserve the company's value during the bankruptcy process.