Big Lots, a well-known retail chain, has declared that it will shut down all its stores after entering bankruptcy. This major decision comes in the wake of a protracted process that included an unsuccessful sale attempt to Nexus Capital. In a statement, CEO Bruce Thorn announced the decision, informing stakeholders that the company had been exploring various options for restructuring but ultimately could not find a feasible path forward. Thorn emphasized that despite efforts to revitalize the business, the challenges posed by changing consumer behaviors and heightened competition were insurmountable. As the company prepares to exit the retail market, Thorn warned about significant job losses and rising unemployment tied to these closures. According to a recent report, Big Lots had been struggling with $422 million in total liabilities and was unable to secure adequate financing to continue operations. The decision to close all stores impacts thousands of employees and customers alike, marking a significant chapter in the retailer’s history. As of now, the timeline for the store closures and specific locations affected remains unclear, but employees have been advised to prepare for the worst, as the court-supervised process progresses.
