Big Lots is preparing to close all of its remaining stores after filing for bankruptcy three months ago, the company announced in a press release Thursday.
In advance of the closure, the discount retailer will launch a “going out of business” sale, or “GOB” sale, at its remaining 963 stores, the press release said. It is unclear how long the store will remain open.
The Columbus, Ohio-based company filed for Chapter 11 bankruptcy in September and plans to close 400 U.S. locations before selling its remaining assets and operations to private equity firm Nexus Capital Management. It was announced that there is. The sale was expected to receive court approval in late October, with an expected closing date of early December, but the company says it no longer expects the deal to close, according to a press release.
Big Lots President and CEO Bruce Thorne said in a release that the company hopes to close the transaction by January and continues to explore other sale options. . The release also said the company does not expect the sale of GOB to impede potential future asset transactions.
“We have all worked extremely hard and taken every step to complete the going concern sale,” Thorne said. “While we remain hopeful that we can complete an alternative going concern transaction, we have made the difficult decision to begin the GOB process to protect the value of the Big Lots property.”
Big Lots is one of many companies across the country to file for bankruptcy in 2024, with the number of filings increasing 16.2% from the previous year, according to a U.S. court database. In the retail industry alone, there were 49 bankruptcy filings, up from 25 in 2023, NBC News reported. More than 7,300 store closures have been reported so far this year, including Family Dollar (718), CVS (586), and Big Lots (580).
This year’s list also includes Red Lobster, a popular seafood chain that announced in early September that it had survived Chapter 11 proceedings.
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