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Discount retailer Big Lots is offering its “going out of business” sales just in time for the holidays.
Earlier this year, Big Lots, Inc. announced it would close more than 300 stores across the United States before officially filing for Chapter 11 bankruptcy in September. Now, the company shared in a press release on Thursday (December 19) that it hopes to find a buyer in early January 2025.
To achieve that goal, the discounter is “preparing to begin closing sales at all remaining Big Lots stores.”
“We have all worked very hard and taken every step to complete a going concern sale,” said Bruce Thorn, president and CEO of Big Lots Inc.. “While we remain hopeful that we can close an alternative going concern transaction in operation, to protect the value of Big Lots' heritage, we have made the difficult decision to begin the GOB process.”
Customers can find “going out of business” deals on Big Lots' online site or in stores. According to the company's website, there are more than 1,420 Big Lots stores in 48 states.
Some items expected to be discounted include electronics, accessories, home decor, furniture and food. Although the company did not specify when these agreements will end, they are expected to last until all stores officially close.
In September, Big Lots Inc. filed for Chapter 11 bankruptcy. The company was acquired by Nexus Capital Management LP and operates under ownership of “who believes in [their] business and provides greater financial stability will improve [their] long-term profitability.
Voluntary Chapter 11 procedures “will subject the proposed transaction to higher or better offers.”
“We also intend to continue optimizing our store space during the process. “While the majority of our stores are profitable and we are taking all possible measures to improve the profitability of all of our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue to serve our customers,” the statement reads. website. .
The bankruptcy also came as Big Lots Inc. has been “negatively affected by recent macroeconomic factors, such as high inflation and interest rates that are beyond its control,” as noted in a September news release.
However, the company said Thursday that it “does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management.” The brand will continue to “work to complete a working alternative transaction with Nexus or another party.”
Big Lots Inc. has been preparing to close for the past year. In 2024, more than 494 Big Lots stores in the US will close.
