Big Lots announces closure of all remaining stores amid bankruptcy

COLUMBUS, Ohio: Big Lots, which was once one of the country’s largest discount retail chains, said it would shut all its stores by January next year.

It said that due to inability to obtain its purchase agreement with Nexus Capital Management investment company contributed to the decision.

This former American specialty retailer which at its height was running a chain of more than 1500 stores across the country has faced declining revenues and financial woes.

Big Lots, operating under Chapter 11 bankruptcy in September 2024, planned to reduce debt and improve efficiency following this year’s earlier closure of 545 stores. However, incompletion of a total sale has caused its other 963 outlets to opt for liquidation.

While there has been talks with Nexus Capital Management as well as other firms in an effort to potentially save hundreds of stores, going-out-of-business sales have begun for all of the company’s stores.

When asked about the acquisitions, Big Lots’ President and CEO Bruce Thorn noted, “we all have worked extremely hard and have taken every step to do a going-concern sale.”

He added, “Although we continue our efforts to complete an alternative transaction, we find it prudent to implement measures to preserve the balance of the Big Lots’ portfolio.”

The closures will affect a total of 30,000 workers across the country. During the sale, Big Lots has embarked on massive discounts to customers, a move the company will sustain till the stores shut down by January.

Big Lots selling households, furniture, and seasonal products in its affordable price range offer, is exposed to increased competition, inflation uncertainties, and changes of consumer behaviour.

The problems for this chain started in October 2024 when four stores in Northeast Ohio were closed.

Consumers should order products from the store and take the opportunity to get goods before it says it’s final bye to the market.