Big Lots, a struggling furniture and home decor retailer, will begin going-out-of-business sales at its remaining locations after a deal to find a buyer failed. The company is still exploring alternative transactions with private equity firm Nexus Capital Management or other potential buyers.
Troubled discount furniture and home decor retailer Big Lots will initiate going-out-of-business sales at its remaining locations after a deal to find a purchaser fell through. In a release Thursday, Big Lots said it no longer anticipates being able to complete a previously announced agreement with a private equity group to salvage the company.
However, it said, it continues to work toward completing an alternative transaction with that group, Los Angeles-based Nexus Capital Management, or another party. In September, Big Lots filed for Chapter 11 bankruptcy reorganization after suffering continuous losses. The Columbus, Ohio-based firm has announced hundreds of store closures this year. The brick-and-mortar retail landscape in general took another series of blows in 2024, with 49 retail bankruptcies (including automobile dealers and direct-to-consumer brands) to date in the U.S., compared to 25 retail bankruptcies tracked in 2023, according to data from Coresight Research, a consumer insights group. More than 7,300 store closures year to date have been confirmed by Coresight, led by Family Dollar with 718, followed by CVS with 586 and Big Lots with 580. That compares with 4,627 store closures across the retail industry by this same time last year, Coresight said
RETAIL BANKRUPTCY CLOSURES BIG LOTS CHAPTERS 11
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big Lots to Close All Remaining Stores After Bankruptcy FilingBig Lots, a discount retailer, is set to close all its remaining stores after failing to complete a sale and filing for Chapter 11 bankruptcy. The company has already closed over 400 stores this year.
Read more »
Big Lots Set to Close All Remaining Stores After BankruptcyBig Lots, facing financial difficulties and a failed sale deal, is closing all of its remaining stores. The company previously closed over 400 locations this year.
Read more »
Big Lots to Close All Remaining Stores After Failed SaleBig Lots, facing financial difficulties, will shutter all remaining locations after a proposed sale to a private equity firm fell through. The move follows the closure of hundreds of stores this year and a Chapter 11 bankruptcy filing. CEO Bruce Thorn expressed hope for a possible reversal if a new sale is successful.
Read more »
Big Lots to Close All Remaining Stores After BankruptcyBig Lots, facing financial difficulties, will liquidate all its remaining stores after failing to secure a sale. The decision comes following the closure of over 400 stores this year and a failed attempt to sell the company to Nexus Capital Management.
Read more »
Big Lots to Close All Remaining Stores After BankruptcyBig Lots announced it will close all remaining stores following a failed sale deal and after already closing hundreds of locations this year. The company filed for Chapter 11 bankruptcy in September and while a sale deal was expected to close in December, it didn't go through.
Read more »
Big Lots to Close All Remaining Stores After Failed SaleBig Lots, facing financial difficulties and a decline in sales, announced plans to close all remaining stores after a potential sale deal fell through. The company previously filed for Chapter 11 bankruptcy and has already closed over 400 locations this year.
Read more »