Big Lots: ‘Going out of business’ sales to begin at all locations

[mountaineer]

Big Lots: ‘Going out of business’ sales to begin at all locations
by Addy Bink - 12/19/24 12:00 PM ET
THE HILL

 After filing for Chapter 11 bankruptcy protection and closing hundreds of stores, Big Lots is preparing to close all of its locations, the company confirmed on Thursday.

In a press release, the company said it will begin “going out of business” sales at all of its remaining locations — totaling 963 as of Thursday — after failing to complete its previously announced sales to Nexus Capital Management, a private equity firm.

More than 400 Big Lots stores have already closed this year, marking a roughly 30% reduction in its footprint.

In an email to employees that was shared with Nexstar, president and CEO Bruce Thorn said that the pending store closures could “be reversed if we successfully complete a sale.” Big Lots is continuing its “efforts to secure an alternative deal with Nexus or another party that would enable us to preserve a significant part of our business going forward.” ...

[mountaineer]

Big Lots reaches deal to keep hundreds of U.S. stores open
Associated Press
Saturday, Dec. 28, 2024 1:17 p.m.

The discount chain Big Lots, which filed for bankruptcy protection in September, has reached a deal that will keep hundreds of its stores and distribution centers open.

Big Lots said Friday it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers and other assets to other retailers.

Variety Wholesalers Inc., which owns more than 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Variety Wholesalers will also acquire up to two distribution centers.  ...
https://triblive.com/business/big-lots-reaches-deal-to-keep-hundreds-of-u-s-stores-open/