The Big Lots retailer is preparing to shut down all its stores after filing for bankruptcy and closing over 400 stores this year.Thursday that a sale to a private equity firm failed, and as a result the stores will hold “going out of business” sales, WNEP reported.
“In a press release, the company said a previously announced sale of its assets to Nexus Capital Management had failed, but that they still hoped to either revive the deal with Nexus or have another buyer by early January,” the report noted.“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ President and Chief Executive Officer, in a statement.
Big Lots, which mostly sells furniture, home decor and some other items, previously said high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue.“When a closing store will permanently close is based on available remaining inventory.
“Big Lots’ floundering comes as other well-known discount stores suffer financial hardship, including Dollar Tree, Family Dollar, and 99 Cents Only stores — the latter of which announced the closure of all 371 locations in April,” the report said.
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