Big Lots Prepares for Total Shutdown
After months of struggling to stay afloat, Big Lots has announced that it will be closing all of its remaining stores, marking the end of an era for the beloved retailer. This move comes on the heels of a tumultuous year, which saw the company file for Chapter 11 bankruptcy protection and shutter over 400 locations.
A Difficult Decision
According to a press release issued by the company, Big Lots will begin holding “going out of business” sales at all remaining locations in the coming days. This drastic measure is aimed at protecting the value of the company’s estate, as it continues to explore alternative sale options. CEO Bruce Thorn expressed his disappointment at the turn of events, stating that the company had worked tirelessly to complete a going concern sale, but ultimately had to make the difficult decision to initiate the liquidation process.
A Glimmer of Hope
While the news may seem dire, Thorn did offer a glimmer of hope, suggesting that the closures could be reversed if a company sale is completed. However, with the sales process already underway, it remains to be seen whether a last-minute rescue can be mounted.
A Brief History
Big Lots’ troubles began back in September, when it filed for Chapter 11 bankruptcy protection, just weeks after announcing plans to close 340 stores across the United States. At the time, the company had reached a sale agreement with an affiliate of Nexus Capital Management LP, which seemed to offer a lifeline. However, by December, those hopes had been dashed, and the sale failed to materialize.
What’s Next?
As Big Lots prepares to shut its doors for good, customers can expect to see deep discounts and clearance sales at remaining locations. While the company has not specified how long the sales will last, shoppers can take advantage of the opportunity to snag some great deals. Despite the uncertainty surrounding the company’s future, Big Lots has assured customers that it will continue to serve them in-store and online until the very end.
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