Big Lots, the discount retail chain, has provided an official update regarding its court-supervised process as it begins liquidation sales across all its locations. The company, which operates over 400 stores, filed for voluntary Chapter 11 bankruptcy protection on July 1, 2023, with the aim to restructure its operations amid financial challenges. In its latest announcement, Big Lots confirmed that it will initiate going-out-of-business sales that are anticipated to start by the first week of October 2023. The sales will offer customers substantial discounts on inventory, marking the chain’s exit from the retail market. The Chief Executive Officer, Bruce Thorn, expressed regret over the company’s financial situation, stating, “We are grateful to our customers and employees for their loyalty during challenging times.” According to Big Lots, the liquidation process is expected to take several weeks, with sales concluding before the holiday season. Furthermore, the retailer has stated that it remains committed to providing necessary support to its employees throughout this transition period. This news follows the recent trends within the retail sector, where many stores have faced similar situations due to shifts in consumer shopping habits and economic pressures. Current discounts may vary, but shoppers can expect markdowns that reach up to 30% to 70% off store merchandise as part of the liquidation process. Customers are encouraged to visit their nearest Big Lots location for final bargains before the stores completely close down.
Big Lots Announces Update on Court-Supervised Process and Initiates Going-Out-of-Business Sales
