Discount retail giant Big Lots revealed Thursday it will begin liquidation sales across its entire network of stores, marking a dramatic shift from earlier plans to preserve the business. The announcement comes after the collapse of anticipated acquisition talks with private equity firm Nexus Capital Management.
The Columbus, Ohio-based retailer, which operates more than 900 locations nationwide, had filed for bankruptcy protection in September with hopes of selling its business to Nexus. The company, known for offering discounted furniture, home goods, and consumer products, had already begun scaling back operations, announcing the closure of 315 stores in August followed by an additional 56 locations across 27 states in October.
CEO Bruce Thorn acknowledged the difficult decision in a statement, noting that while the company continues to explore strategic alternatives and maintains negotiations with Nexus, they must proceed with going-out-of-business sales to protect the estate’s value. Big Lots had built its reputation as a destination for bargain hunters, marketing itself as a source for “bargains to brag about” on home furnishings and various consumer goods.
The retailer’s fate reflects broader challenges facing the retail sector in 2024. According to CoreSight research, U.S. retailers have announced over 7,100 store closures through November, representing a 69% increase from the previous year. The industry has seen 45 bankruptcy filings this year alone, significantly surpassing 2023’s total of 25 retail bankruptcies.
This development signals the potential end of a retail chain that has been a familiar presence in American shopping centers, offering everything from pantry items to lawn furniture at discount prices.
