US: Why Big Lots is closing down all its stores

Big Lots, a popular American retailer, has revealed that it will permanently close all its stores due to financial struggles stemming from its bankruptcy filing.

The company, which filed for Chapter 11 bankruptcy protection in September, has been gradually shutting down locations across the United States.

More than 400 stores have already closed, including dozens in Florida. As of Thursday, Dec. 19, Big Lots announced it was “preparing to commence going out of business (‘GOB’) sales at all remaining Big Lots store locations in the coming days.”

In August, the retailer initially identified over 340 stores for closure, with 26 Florida locations on the list. An additional two Florida stores were added in November.

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The president and chief executive officer, Bruce Thorn said, “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB (going out of business) process.”

Thorn also indicated that there is still a possibility of reversing the closures if a buyer emerges. In the meantime, the company plans to serve customers in stores and online but has not specified how long the sales will continue.

As of early 2024, Big Lots operated 1,392 stores, a slight decrease from the 1,425 locations reported in the first quarter of 2023.

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