Big Lots, a discount retail chain in the U.S., has announced the start of “going out of business” sales at its remaining 963 stores. This decision follows the company’s Chapter 11 bankruptcy filing in September 2024 and the failure of a planned asset sale to Nexus Capital Management.
The company stated that liquidation is currently the best course of action to preserve asset value amid declining sales, economic pressures like inflation, and shifting consumer behaviors. Earlier in 2024, Big Lots had already closed over 400 stores as part of its restructuring efforts.
Customers can expect significant discounts at all locations, though a specific timeline for complete store closures has not been provided. The process will also result in job losses, with layoffs expected to begin as early as January 2025.
Big Lots’ closure reflects a broader trend of challenges in the retail industry, as many chains struggle with changing shopping habits and economic difficulties.
