Discount retail store Big Lots is offering its “going out of business” sales right in time for the holidays.
Earlier this year, Big Lots, Inc. announced it was closing more than 300 stores across the U.S. before officially filing for Chapter 11 bankruptcy in September. Now, the company has shared in a press release on Thursday (December 19) that it hopes to find a buyer by early January 2025.
To meet that goal, the discount store is “preparing to commence going out of business sales at all remaining Big Lots store locations.”
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Bruce Thorn, Big Lots Inc. president and chief executive officer, said. “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”
Customers can find the “going out of business” deals on Big Lots’s online site or in-store locations. According to the company’s website, there are more than 1,420 Big Lots stores in 48 states.
Some items expected to be discounted include electronics, accessories, home decor, furniture, and food items. Although the company didn’t specify when these deals will end, they’re expected to last until all stores officially close.
In September, Big Lots Inc. filed for Chapter 11 bankruptcy. The company was acquired by Nexus Capital Management LP and operating under ownership “who believes in [their] business and provides increased financial stability will improve [their] long-term profitability.”
The voluntary Chapter 11 proceedings will “make the proposed transaction subject to higher or otherwise better offers.”
“We also intend to continue optimizing our store footprint during the process. Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers,” the website read.
The bankruptcy also came as Big Lots Inc. has been “adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control,” as noted in a September press release.
However, the company said on Thursday that “it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management.” The brand will continue to “work toward completing an alternative going concern transaction with Nexus or another party.”
Big Lots Inc. has been preparing to go out of business through the last year. In 2024, more than 494 Big Lots stores in the U.S. were closed.
