Troubled discount furniture and home decor retailer Big Lots will initiate going-out-business sales at its remaining locations after a deal to find a purchaser fell through.
Big Lots said in a release Thursday that it no longer anticipates being able to complete a previously announced agreement with a private equity group to salvage the company.
However, it said, it continues to work toward completing an alternative transaction with the group, Los Angeles-based Nexus Capital Management, or another party.
In September, Big Lots filed for Chapter 11 bankruptcy reorganization after having suffered continuous losses. The Columbus, Ohio-based firm has announced hundreds of store closings this year.
The brick-and-mortar retail landscape in general took another series of blows in 2024, with 49 retail bankruptcies (including those of automobile dealers and direct-to-consumer brands) in the United States, compared with 25 retail bankruptcies tracked in 2023, according to data from Coresight Research, a consumer insights group.
Coresight has confirmed more than 7,300 store closings this year, led by Family Dollar, with 718, followed by CVS, with 586, and Big Lots, with 580.
That compares with 4,627 store closings across the retail industry by this time last year, Coresight said.