The company currently owns 963 locations in the U.S., but closed more than 400 stores in 2024 after declaring bankruptcy in September.
WASHINGTON D.C., DC — All Big Lots stores will hold “going out of business” sales as the company prepares to shut its doors after a sale to a private equity firm fell through, Big Lots officials announced Thursday.
In a press release, the company said a previously announced sale of its assets to Nexus Capital Management had failed, but that they still hoped to either revive the deal with Nexus or have another buyer by early January.
The company currently owns 963 locations in the U.S., but closed more than 400 stores in 2024, a significant cut as Big Lots tried to find a buyer after filing for Chapter 11 bankruptcy protection in September.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ President and Chief Executive Officer, in a statement. “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the (going out of business) process.”
Big Lots, which mostly sells furniture, home decor and some other items, previously said high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue.
It’s unclear when the nearly 1,000 remaining Big Lots stores are set to close, or if a completed sale could prevent them from closing.
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