A plan to sell Big Lots to another management firm will not proceed as originally planned. Instead, the company will begin going-out-of-business sales at all its remaining locations while it continues to search for a new buyer.
Big Lots will begin “going out of business” sales at all of its 963 locations
12/19/2024
Big Lots had been hoping to finalize a sale by the end of January but now intends to start liquidation sales soon "to protect the value of the Big Lots estate," according to a statement from Bruce Thorn, the company's president and CEO.
Over 400 locations have already closed this year, leaving 963 still in operation, as reported by Nexstar and The Hill. The company filed for Chapter 11 bankruptcy protection in September, as per Bloomberg.
If a buyer is found, Thorn mentioned in an email to employees that the liquidation could be halted.
The company also plans to begin a "reduction in workforce" next month, as reported by The Hill. Big Lots currently employs over 27,000 workers, according to Bloomberg.
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