Troubled discount furniture and home decor retailer Big Lots will initiate going-out-business sales at its remaining locations after a deal to find a purchaser fell through.
In a release Thursday, Big Lots said it no longer anticipates being able to complete a previously announced agreement with a private equity group to salvage the company.
However, it said, it continues to work toward completing an alternative transaction with that group, Los Angeles-based Nexus Capital Management, or another party.
In September, Big Lots filed for Chapter 11 bankruptcy reorganization after suffering continuous losses. The Columbus, Ohio-based firm has announced hundreds of store closures this year.
The brick-and-mortar retail landscape in general took another series of blows in 2024, with 49 retail bankruptcies (including automobile dealers and direct-to-consumer brands) to date in the U.S., compared to 25 retail bankruptcies tracked in 2023, according to data from Coresight Research, a consumer insights group.
More than 7,300 store closures year to date have been confirmed by Coresight, led by Family Dollar with 718, followed by CVS with 586 and Big Lots with 580.
That compares with 4,627 store closures across the retail industry by this same time last year, Coresight said.