Big Lots, a US retailer, has announced that it will close all its locations amid financial struggles. The company filed for Chapter 11 bankruptcy protection in September and had previously closed over 340 stores as part of a sale agreement.
However, the plan failed to materialize, leaving the company with no other option but to begin “going out of business” sales at its remaining stores. These sales will aim to protect the value of Big Lots’ estate.
CEO Bruce Thorn stated that while there is still hope for a company sale, it has made the difficult decision to start the GOB process. The closures are expected to affect over 400 stores in total.
Despite this news, customers can still shop from Big Lots both in-store and online during the sales period. No specific duration has been set for the sales, but they will continue as long as the company’s assets remain protected.
As part of its bankruptcy proceedings, Big Lots had initially hoped to sell most of its assets and business operations to Nexus Capital Management LP. However, this deal did not materialize in December, leading to the current decision.
Source: https://eu.usatoday.com/story/money/2024/12/19/is-big-lots-closing-going-out-of-business-sales/77091379007