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.<\/p>\n
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. <\/p>\n
However, it said, it continues to work toward completing an alternative transaction with the group, Los Angeles-based Nexus Capital Management, or another party.<\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
That compares with 4,627 store closings across the retail industry by this time last year, Coresight said.<\/p>\n<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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. […]<\/p>\n","protected":false},"author":1,"featured_media":121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/posts\/120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/comments?post=120"}],"version-history":[{"count":0,"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/posts\/120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/media\/121"}],"wp:attachment":[{"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/media?parent=120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/categories?post=120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wealthmarketinsights.com\/index.php\/wp-json\/wp\/v2\/tags?post=120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}