TL Photo/JENNIFER COMPSTON-STROUGH Although multiple news outlets have reported that all of the chain’s stores will be closing, the Party City store in St. Clairsville’s Ohio Valley Plaza will remain open and serving customers on Friday. Provided.
BRIDGEPORT — More retail stores will close locally and across the country in the coming weeks.
Big Lots plans to launch going-out-of-business sales in stores “In the next few days.” After a takeover attempt by a California investment firm fell through.
Columbus-based Big Lots filed for Chapter 11 bankruptcy protection in September to facilitate a transaction in which an affiliate of Nexus Capital Management would acquire virtually all of the company’s assets and ongoing business operations. I started the procedure.
But on Thursday, Big Lots announced in a news release: “We do not anticipate completion of previously announced asset purchase agreements.” and “To protect real estate values, we are preparing to begin a going-out-of-business sale at all remaining Big Lots stores in the coming days.”
However, the release states that the company will continue to strive to complete the transaction, whether with Nexus or another party. It said going-out-of-business sales should not prevent such transactions.
“We have all worked extremely hard and taken every step to complete the going concern sale.” Bruce Thorne, president and CEO of Big Lots, said in a release. “While we remain hopeful that we can complete an alternative going concern transaction, we have made the difficult decision to begin the GOB process to protect the value of the Big Lots property.”
Big Lots stores in Bridgeport, Moundsville and Wintersville were among those listed as scheduled for closure in the company’s latest filing.
Big Lots sells furniture, home decor, and other items. According to the company’s website, discounts of up to 50% were being offered on the entire product assortment.
Big Lots said it continues to serve customers in stores and online and will provide updated information as it becomes available.
Big Lots said high inflation and interest rates are hurting its operations as consumers refrain from purchasing at-home and seasonal items. These two categories are what the chain relies on for a significant portion of its revenue. The company is also struggling with increased competition from Walmart, which has tightened its pricing and product pricing, and from warehouse clubs such as Walmart’s Sam’s Club and Costco.
At the end of 2023, Big Lots operated approximately 1,400 stores in 48 states. Latest store counts were not immediately available.
Meanwhile, CNN and other national news outlets reported that Party City would close all of its more than 700 stores after nearly 40 years in business.
CEO Barry Litwin told company employees Friday in a conference viewed by CNN that Party City is “in the business of being a company.” “relax” Operations will begin immediately, and the last day of employment will be that Friday. “This is definitely the most difficult message I’ve ever had to convey.” Litwin said during a meeting held via video conference.
Party City completed bankruptcy proceedings in September. “Despite my best efforts, it wasn’t enough to overcome it.” There are financial challenges, he said.
An employee at the Party City store in St. Clairsville’s Ohio Valley Plaza said Friday afternoon that staff had no information about a planned closing.
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