Discount retailer Big Lots has announced it will begin going-out-of-business sales at all of its remaining locations after a planned acquisition of the company failed to materialize, The Associated Press reports.
The Columbus, Ohio-based chain, known for selling furniture, home decor, and a variety of other items, filed for Chapter 11 bankruptcy protection in early September, with a tentative agreement for a sale to private equity firm Nexus Capital Management LP.
However, the company revealed on Thursday that it no longer anticipates completing the purchase agreement with Nexus. Despite the setback, Big Lots said it is still working to secure an alternative transaction with Nexus or another party, with the goal of finalizing a sale by early January.
In the meantime, Big Lots has launched going-out-of-business sales, offering discounts of up to 50% on all merchandise. According to the company’s website, all stores will be closing.
Big Lots has assured customers that it will continue to serve them both in-store and online, and has promised to provide further updates as they become available.
The company’s struggles have been attributed to a number of factors, including high inflation and rising interest rates, which have led consumers to curb their spending on home and seasonal goods, two of Big Lots’ key product categories. Increased competition from major retailers such as Walmart and warehouse clubs like Sam’s Club and Costco, which have aggressively lowered prices and updated their merchandise, have also contributed to the chain’s difficulties.
At the close of 2023, Big Lots operated nearly 1,400 stores across 48 states.
