Big Lots is closing all stores: details and reasons for the decision
20 december 2024 в 20:50
Big Lots is closing more stores across the country, signaling a major change for the discount retailer. Founded in 1967 as Value City, the company rebranded as Big Lots in 1982 and expanded its range of products, including everything from furniture to food. However, the 57-year-old retailer is now facing «significant doubts» about its ability to remain operational. The company cited several economic factors, including high inflation and rising interest rates, as reasons for declining demand at its stores.
Learn more about the closures and the state of Big Lots below.
Big Lots is preparing to close its remaining stores after a potential sale to save the bankrupt retailer fell through.
In a press release published on Thursday, the company announced that it is «preparing to begin liquidation sales at all remaining Big Lots stores in the coming days» in an attempt to protect the value of its assets.
Big Lots appears to be heading towards closure. The company had previously announced plans to sell «virtually all» of its assets to private investment firm Nexus Capital Management in September. However, in the statement on Thursday, Big Lots confirmed that it «does not anticipate the completion» of the deal.
Despite this setback, the company is still exploring other avenues to secure its future. Big Lots intends to negotiate with Nexus or possibly another buyer to complete the sale by early January.
«We have all worked incredibly hard and explored every option to complete a sale that preserves the viability of the company», - said Big Lots CEO Bruce Thorn in the press release. «While we remain hopeful for an alternative solution, we have made the difficult decision to begin the liquidation process to protect the value of Big Lots' assets».
Big Lots is closing all 963 of its remaining stores nationwide. In September, the retailer announced plans to close 340 stores across the country before filing for Chapter 11 bankruptcy protection.
At its peak, Big Lots operated over 1,400 stores nationwide
Learn more about the closures and the state of Big Lots below.
Big Lots is preparing to close its remaining stores after a potential sale to save the bankrupt retailer fell through.
In a press release published on Thursday, the company announced that it is «preparing to begin liquidation sales at all remaining Big Lots stores in the coming days» in an attempt to protect the value of its assets.
Big Lots appears to be heading towards closure. The company had previously announced plans to sell «virtually all» of its assets to private investment firm Nexus Capital Management in September. However, in the statement on Thursday, Big Lots confirmed that it «does not anticipate the completion» of the deal.
Despite this setback, the company is still exploring other avenues to secure its future. Big Lots intends to negotiate with Nexus or possibly another buyer to complete the sale by early January.
«We have all worked incredibly hard and explored every option to complete a sale that preserves the viability of the company», - said Big Lots CEO Bruce Thorn in the press release. «While we remain hopeful for an alternative solution, we have made the difficult decision to begin the liquidation process to protect the value of Big Lots' assets».
Big Lots is closing all 963 of its remaining stores nationwide. In September, the retailer announced plans to close 340 stores across the country before filing for Chapter 11 bankruptcy protection.
At its peak, Big Lots operated over 1,400 stores nationwide
© Kolganov Andrey
