Big Lots, one of the nation’s biggest discount chains, is gearing up to launch “going out of business” sales at all of its remaining locations in the coming days.
The company, which is based out of Columbus, Ohio, says it will lean on sales to protect its finances while seeking a buyer.
In a Dec. 19 release, the company’s CEO, Bruce Thorn, acknowledged the significant financial challenges it faced throughout 2024 that led to its recent approach to preserve its remaining assets.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Thorn’s statement reads. “While we remain hopeful that we can close an alternative transaction, we have made the difficult decision to begin the GOB process in order to protect the value of the Big Lots estate.”
Customers seeking out holiday deals can expect decent discounts both online and in-store at the company’s remaining locations as it clears out its inventory of furniture, décor and pantry items. Big Lots did not set an end date for the sales in its release but did state its “goal would be to complete a sale by early January” of 2025.
Big Lots initially set out to finalize an asset purchase agreement with Nexus Capital Management, according to NBC News. Now the company says the deal is unlikely to follow through. While liquidation sales are underway, the company says it will continue to explore alternative deals with Nexus or another buyer.
The company has over 1,420 stores in 48 states across the U.S., according to its website.
