COLUMBUS, OH – Beleaguered discount retailer Big Lots appears to be on the brink of closing all its stores, including those in the local area, following the collapse of a planned sale to private equity firm Nexus Capital Management.
The chain, which operates over 900 locations nationwide, announced Thursday that liquidation efforts have begun while it continues to search for a potential buyer. Despite hopes of securing a deal by early January, the company has initiated the going-out-of-business process to preserve its remaining assets.
“While we remain hopeful for an alternative transaction, we have made the difficult decision to begin closing operations,” said Big Lots CEO Bruce Thorn.
Big Lots filed for bankruptcy in September amid financial pressures driven by inflation and rising interest rates, which weakened discretionary spending on home goods and seasonal products, key revenue drivers for the company. Earlier this year, nearly 300 stores were shuttered during a separate round of closures.
The closures now appear to include all area Big Lots locations, signaling a significant loss for local shoppers seeking affordable furniture and home decor.
The retailer, which reported $4.7 billion in revenue last fiscal year—its lowest in over a decade—remains in limbo, with its future hinging on finding a last-minute buyer.
