Big Lots to Close All Stores: Going-Out-of-Business Discounts Up to 50%

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Big Lots closure/ Big Lots bankruptcy/ retail liquidation sales/ Big Lots store closures/ going-out-of-business discounts/ Newslooks/ J. Mansour/ Morning Edition/ Big Lots has started going-out-of-business sales after a deal to sell the company fell through. The discount retailer hopes to secure an alternative transaction by early January while offering steep discounts at its remaining stores.

FILE – A shopper leaves the Big Lots store on Dec. 4, 2012 in Berlin, Vt. (AP Photo/Toby Talbot, File)

Big Lots Going Out of Business: Quick Look

Key Points

Bankruptcy Filing: Filed for Chapter 11 bankruptcy in September 2024.
Failed Sale: A deal with Nexus Capital Management fell through.
Store Closures: All remaining locations are closing, with discounts up to 50%.
Financial Struggles: High inflation, interest rates, and fierce competition impacted revenue.

Big Lots to Close All Stores: Going-Out-of-Business Discounts Up to 50%

Deep Look

Big Lots Faces Final Chapter

Discount retailer Big Lots has announced going-out-of-business sales across its remaining stores after a deal to sell the company to Nexus Capital Management fell apart.

The Columbus, Ohio-based chain, known for selling furniture, home décor, and seasonal items, filed for Chapter 11 bankruptcy protection in September. Initially, it seemed Nexus would acquire most of the company’s assets, but as of Thursday, Big Lots confirmed that the agreement would not materialize.

The company said it is pursuing an alternative transaction with Nexus or another buyer, with hopes of completing a sale by early January.

Massive Discounts as Stores Prepare to Close

Shoppers can expect discounts of up to 50% on all merchandise as part of Big Lots’ going-out-of-business sales. According to its website, these deals are available both in-store and online.

“We have worked extremely hard to complete a going-concern sale,” said Bruce Thorn, Big Lots’ president and CEO. “While we remain hopeful for an alternative transaction, we have made the difficult decision to begin the GOB process.”

Challenges That Led to the Collapse

Big Lots has struggled in recent years due to shifting consumer habits and economic pressures. High inflation and rising interest rates have significantly hurt sales, particularly in the chain’s key categories of home and seasonal products.

Fierce competition from retail giants like Walmart and warehouse clubs such as Sam’s Club and Costco further exacerbated the company’s challenges. Competitors have maintained sharp pricing and attractive merchandise, drawing away Big Lots’ customer base.