This Major Retail Chain is Closing All NJ Stores After Sale Falls Through
Big Lots is officially ending its business, with plans to close all of its remaining 963 locations after a deal to sell the company fell through, according to ABC7 New York.
This announcement comes after the retail chain tried to sell most of its assets to Nexus Capital Management, a private equity firm.
Unfortunately, Big Lots announced Thursday (December 19) that it does not expect to complete this sale.
As a result, the company is starting "going out of business" sales at all of its stores soon.
Even though the sale fell apart, Big Lots is still hopeful.
The company is looking at other options to keep running, including talks with Nexus Capital or possibly finding a new buyer.
Big Lots needs to complete a sale by early January to avoid full closure.
CEO Bruce Thorn said, "We have worked incredibly hard to complete a sale that would allow us to continue operating, but we have made the tough decision to start the going-out-of-business process to protect the value of Big Lots."
The company’s bankruptcy is partly due to economic factors like high inflation and interest rates, which have caused people to spend less.
People still want value, but not always at discount stores. Walmart and Amazon continue to see strong sales.
Big Lots has already been closing hundreds of stores this year.
At one point, the company had over 1,400 locations across the U.S. Now, it’s working to shut down the rest of its stores, marking the end of an era for the once-popular chain.
I'll miss you Big Lots. I'm sure I'm not the only one.
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