Big Lots to Close All Stores After Failed Sale Agreement

The bankrupt discount retailer will begin liquidation sales as it seeks a last-minute buyer to preserve parts of its business.

Big Lots announced it will begin going-out-of-business sales at all remaining locations after a planned sale to Nexus Capital Management fell through.
The company filed for Chapter 11 bankruptcy in September, citing financial struggles from declining sales, high inflation, and increased competition.
More than 400 stores have already closed this year, with around 960 locations now set to shut down unless an alternative sale is finalized by early January.
CEO Bruce Thorn stated that the liquidation sales aim to protect the company's estate while continuing to explore potential buyers, including Nexus or other parties.
The closures are expected to impact approximately 27,000 employees, with no timeline provided for when the sales will conclude.