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Discount retailer Big Lots announced the beginning of its "going out of business" sales as it prepares to close all of its remaining stores in a press release shared on Thursday (December 20).
The Columbus, Ohio, based company said it doesn't expect to complete its previously announced asset purchase agreement with Nexus Capital Management, and has started its "going out of business" sale while continuing to work toward an alternative transaction with Nexus or someone else, which it aims to complete by the beginning of January. Big Lots, which operates more than 900 locations nationwide, filed for bankruptcy protection in September with the intention to sell to Nexus following its prior announcement to close up to 315 stores in August, which was later followed by plans to shut down 56 more in 27 states announced in October.
"We all have worked extremely hard and have taken every step to complete a going concern sale,"Â Big Lots CEO Bruce Thorn said in a statement shared in the press release. "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 [going out of business] process."
U.S. retailers announced a combined total of store closures exceeding than 7,100 through November 2024, which was a 69% increase from the previous year, according to data from the research firm CoreSight via CBS News. Forty-five retailers in the U.S. have filed for bankruptcy protection in 2024, nearly doubling the total of 25 in 2023.