Big Lots announced it will shutter all 963 stores, launching “going out of business” sales after a failed sale to Nexus Capital Management.
The retailer, which filed for bankruptcy in September, has already closed 400 locations this year. CEO Bruce Thorn said closures might be reversed if a new buyer emerges, but workforce reductions are set to begin in January.
Big Lots struggled with inflation and competition, leading to its collapse. It joins other retailers like Red Lobster in filing for bankruptcy in 2024.
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