Big Lots is closing all stores, including two in Fort Worth
Big Lots announced in a press release on Dec. 19 that it will be closing its remaining stores due to an unsuccessful $620 million asset purchase agreement with Nexus Capital Management.
The discount store voluntarily filed for Chapter 11 bankruptcy protection in September and has already closed 400 stores in 2024. The remaining stores will have “Going Out of Business” (GOB) sales in the next few days.
Big Lots is one of the nation’s largest retailers, with their purpose to “Live big and Save lots.” The company is based in Columbus, Ohio. It had 27,700 employees and more than 1,300 stores in 48 states before filing for bankruptcy. As of Dec. 2024, Big Lots now has 960 stores, according to the company’s website.
There are 86 Big Lots locations remaining in Texas. Two are in Fort Worth, located on 6425 Mccart Ave. and on 6300 Rufe Snow Drive. There is also one in Dallas on 2128 Fort Worth Ave.
What does Big Lots sell?
Big Lots primarily sells home decor and furniture, two retail categories that have struggled due to high inflation and interest rates.
Axios reports that the bigger picture of these Big Lot store closures is not surprising, considering the pressure that discount and dollar stores have faced post-Covid.
“With Big Lots in crisis mode earlier this year, the company turned to more of the ‘extreme’ bargains it has long considered its sweet spot — but those deals weren’t enough to stave off financial ruin,” the Axios article reads.
GOB sales will commence unless Nexus calls off the liquidation or comes to a business-saving deal. Big Lots is hoping to complete a sale by early January.
What deals can you find at the Big Lots GOB sale?
GOB sales should be released over the course of the next few days.
Currently, Big Lots is offering up to 25% off of everything in store, plus 50% off all Christmas & Harvest decor and up to 50% off at biglots.com, according to a post on the Big Lots Facebook page.
Bruce Thorn, Big Lots’ president and chief executive officer, said, “We all have worked extremely hard and have taken every step to complete a going concern sale. While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”
More about Big Lots store closures
Big Lots delisted from the New York Stock Exchange around the same time that it filed for Chapter 11 bankruptcy.
“Big Lots reported net sales of $1 billion, down 10% from the previous year with a net loss flat at $205 million,” according to Forbes. It ended fiscal 2024 with revenues of $4.7 billion, off 14% from previous year, and a net loss of $482 million from $211 million in 2023.”
Bloomberg reported that the Nexus asset deal fell through due to a lower-than-expected appraisal of Big Lots inventory. The company has “tens of millions dollars” in unpaid rent, with about $46 million in money left at hand, according to Forbes.
LinkedIn shared that a spike of Big Lots employees began searching for new jobs on the app following the announcement.