what to know when the company announces sales

On By Littum

After months of store closings and filing for Chapter 11 bankruptcy protection, Big Lots is preparing to close all of its locations, according to a press release issued by the company on Thursday.

More than 400 stores have already been closed by the retailer in 2024, with the remaining set to hold “going out of business” sales.

“The company is preparing to begin going out of business (GOB) sales at all remaining Big Lots store locations in the coming days to protect the value of its real estate,” Big Lots said in the press release.

CEO Bruce Thorn said the closures could be reversed if a business sale goes through.

“We have all worked extremely hard and taken every step to complete a going concern sale. While we remain hopeful that we can complete an alternative going concern transaction, in order to protect the value of Big Lot’s property, we have made the difficult decision to begin the GOB process, says Thorn. said in the release.

The company said it would continue to serve customers in-store and online and did not specify how long the sale would last.

Bankruptcy and store closures at Big Lots

Back in September, Big Lots filed for Chapter 11 bankruptcy protection weeks after announcing plans to close 340 stores across the United States.

The company said at the time that the closings were part of a sale agreement with an affiliate of Nexus Capital Management LP, according to a press release. Hope was on the horizon for the company when it announced the approval to sell most of its assets and business operations to Nexus.

However, that hope was dashed in December when the sale failed.

Fernando Cervantes Jr. is a trendy news reporter for USA TODAY. Reach him at [email protected] and follow him at X @fern_cerv_.