Big Lots Announces Store Closures and Going Out of Business Sales

Big Lots said in a news release Thursday that it plans to close its last few stores after months of closing stores and filing for Chapter 11 bankruptcy. Over 400 stores have been closed by the company so far in 2024. The shops that are still open will have “going out of business” sales.

The company had earlier intended to sell its assets to the private equity firm Nexus Capital Management, but that deal flopped. As a consequence, Big Lots has agreed to start going out of business sales at all remaining store locations to protect the value of its estate. The CEO Bruce Thorn said the closures could be reversed if a company sale is completed but for now, the company is pushing forward with the GOB process.

Big Lots is a Columbus, Ohio-based company with more than 900 locations across the United States. It sells furniture, lawn and garden, apparel, health and beauty, and other consumer goods. The company has been one of the favorites among the deal seekers, billing itself as a place that delivers “bargains to brag about on everything for the home, including furniture, décor, pantry, and more”.

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The US retailer, Big Lots filed for Chapter 11 bankruptcy protection in September 2024, weeks after it declared its decision to close 340 stores across the United States. The company has entered the sale agreement with an affiliate of Nexus Capital Management LP. However, the sale did not consummate and Big Lots has now resolved to shut all its stores.

The company will still provide service in-store and online but did not state the period for this offer it announced. The decision to make that crucial move to start GOB process was described as a tough one, yet needed to protect the value of Big Lots estate.