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Big Lots to Begin 'Going Out of Business' Sales

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BANKRUPTCY,RETAIL,CLOSURES

Big Lots, facing closure after bankruptcy, will initiate 'going out of business' sales at its remaining stores. The retailer is actively seeking alternative sale options but may proceed with closures if a deal is not reached.

The discount retailer will begin 'going out of business' sales, or 'GOB' sales, at its 963 remaining stores ahead of the closures.Big Lots is preparing to close all of its remaining locations after filing for bankruptcy three months ago, it announced in September and closing 400 of its locations around the country, the Columbus, Ohio-based company announced it anticipated selling its remaining assets and business operations to private equity firm Nexus Capital Management.

The sale in late October with an expected closure date of early December, but according to the press release, the company no longer expects the deal to go through. Big Lots president and CEO Bruce Thorn said in the release that the company is still seeking out other sale options with the hope of completing a deal by January. The release also said the company does not anticipate that the GOB sales will inhibit any potential future asset deals. 'We all have worked extremely hard and have taken every step to complete a going concern sale,' Thorn said. 'While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.' Big Lots is one of the many businesses across the country which have filed for bankruptcy in 2024, which saw a 16.2% increase in filings compared with the previous year, according to the, up from 25 in 2023. Over 7,300 store closures have been reported this year to date, led by Family Dollar (718), CVS (586) and Big Lots (580)

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