Retail Giant on Brink of Collapse: Big Lots to Shut Down All Stores
The American retail landscape is about to undergo a significant transformation as Big Lots, a beloved household name, prepares to bid farewell to its customers. Following a series of store closures and a Chapter 11 bankruptcy filing in September, the company has announced plans to shutter all its locations.
A Desperate Attempt to Salvage Value
In a last-ditch effort to protect its estate, Big Lots is launching “going out of business” sales across its stores. While the company has not provided a timeline for these sales, it has assured customers that they will continue to receive service both in-store and online. CEO Bruce Thorn remains optimistic that a potential company sale could still reverse the closures.
A Year of Struggle
The writing was on the wall for Big Lots, which has already closed over 400 stores this year. Despite its best efforts to secure a going concern sale, the company has been forced to take drastic measures to stay afloat. Thorn acknowledged the difficulties faced by the company, stating, “We have worked extremely hard… but in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”
A Look Back at Big Lots’ History
Founded in 1967 in Columbus, Ohio, Big Lots started out as a retailer of furniture, electronics, toys, and home décor. Over the years, the company grew to become a staple in American retail, with a presence in numerous cities and states.
What’s Next for Big Lots?
As the company begins its “going out of business” sales, customers can expect significant discounts on a wide range of products. While the future of Big Lots remains uncertain, one thing is clear – the retail industry is undergoing a seismic shift, and Big Lots is just the latest casualty.
Find a Big Lots Store Near You
Search our database to find the list of Big Lots store locations in your city or state, according to the company’s website. All locations will be hosting “going out of business” sales in the coming days.
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