After a plan to find a buyer fell through, troubled discount furniture and home decor company Big Lots will start going-out-of-business sales at its remaining sites.
Big Lots stated in a release on Thursday that it no longer expects to be able to finalize a previously disclosed deal with a private equity firm to save the business.
Nonetheless, it stated that it is still working to finalize a different deal with that group, Nexus Capital Management, a company based in Los Angeles, or another partner.
After experiencing ongoing losses, Big Lots filed for Chapter 11 bankruptcy restructuring in September. This year, hundreds of shop closures have been announced by the Columbus, Ohio-based company.
According to data from Coresight Research, a consumer insights group, the retail industry suffered yet another set of setbacks in 2024, with 49 retail bankruptcies (including auto dealers and direct-to-consumer brands) recorded in the U.S. to date, compared to 25 in 2023.
Coresight has verified almost 7,300 store closures so far this year, with Family Dollar accounting for 718, CVS for 586, and Big Lots for 580.
According to Coresight, at this time last year, the retail industry had 4,627 store closures.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!