Big Lots Announces Closure of All Remaining Stores
Big Lots, the well-known discount retailer, has announced plans to close all its remaining stores nationwide. This decision comes after the company filed for Chapter 11 bankruptcy protection in September and subsequently closed over 400 stores earlier this year.
The Brownwood Big Lots store, located at 315 East Commerce, has been a part of the community for more than two decades. With this recent announcement, it is among the 963 stores across the United States slated for closure. The company has stated that “going out of business” sales will commence soon, following the unsuccessful attempt to finalize a sale to Nexus Capital Management, a private equity firm.
In a press release, Big Lots expressed hope to complete an alternative transaction by early January. However, to safeguard the value of its estate, the company has made the difficult decision to initiate the closure process. CEO Bruce Thorn remarked, “We all have worked extremely hard and have taken every step to complete a going concern sale.”
Big Lots has been a significant player in the retail sector, offering a variety of products ranging from furniture and home décor to groceries and seasonal items. The closure of all its stores marks the end of an era for the discount retail chain and will undoubtedly impact the communities it has served over the years.
