Official announcements from Nexus Capital Management or Big Lots, or major news outlets reporting on acquisition attempts

Big Lots to Close All 963 Stores After September Bankruptcy, Impacting Nearly 30,000 Employees and 555 Layoffs

Dec 20, 2024, 06:32 PM

Big Lots, the discount retailer, is set to close all 963 of its locations following the failure to secure a buyer after filing for Chapter 11 bankruptcy in September 2024. The company, which employs nearly 30,000 individuals, has already shuttered over 400 stores this year, representing a roughly 30% reduction in its footprint. The planned sale to private equity firm Nexus Capital Management has been abandoned, prompting the company to initiate liquidation sales at its remaining stores. In a recent press release, Big Lots stated that the liquidation sales are intended to protect the value of its estate and will not interfere with ongoing transactions. The announcement of store closures has also led to job cuts, with layoffs reportedly reaching 555 at the company's headquarters in Ohio. This development reflects broader challenges in the retail sector, where other chains are also facing closures amid changing consumer behaviors and economic pressures.