Big Lots, the struggling discount furniture and home décor retailer, plans to begin on-site sales at its remaining stores after a deal to find a buyer collapsed.
Big Lots said in a release Thursday that it no longer expects to complete its previously announced company rescue agreement with a private equity group.
However, the company said it remains working to complete an alternative transaction with the group, Los Angeles-based Nexus Capital Management, or other parties.
Big Lots filed for Chapter 11 bankruptcy in September after suffering continued losses. The Columbus, Ohio-based company announced hundreds of store closures this year.
The brick-and-mortar retail industry in general took a further hit in 2024, with 49 retail bankruptcies in the United States (including auto dealerships and direct-to-consumer brands). In comparison, there were 25 retail bankruptcies in 2023. According to data from consumer insights group Coresight Research.
Coresight has confirmed more than 7,300 store closures this year, with Family Dollar closing at 718, followed by CVS at 586 and Big Lots at 580.
This compares to 4,627 store closures across the retail industry by this time last year, according to Coresight.
