Pictured above, Big Lots at 1426 Military Rd in Benton Arkansas.
The Big Lots corporate offices announced on Thursday, December 19, 2024, they will have “going out of business” sales across all stores in the chain. The retailer has stores in 47 states.
Read more below.
In November, Big Lots attempted to sell to another company, but that deal is apparently ending without a sale, according to a press release from the company. The statement also says they are continuing to look for a buyer, so it’s possible the Big Lots stores would not go out of business.
It’s not the first time Big Lots has had issues that included a location in Benton, Arkansas. This photo is from April 23, 2005, when Big Lots had a store located at 1716 Military Road, where the Goodwill Store currently operates (between Wendy’s and Burger King). “The Closeout Store” closed out its location in been just months after this picture was taken. Photo by Ian Russell – Note that the type of camera being used is nearly obsolete in 2024.
Big Lots has been in the Chapter 11 bankruptcy process since September 2024, and already closed over 240 stores, according to an article in The Hill. Big Lots had a plan to close about 550 more stores, but halted some of those, then switched the story again on some. Two such stores that were slated for closure but flipped, are in Conway, and Hot Springs, Arkansas.
Scroll down to read the full press release below.
Regardless of the outcome of the business, the sale remains. The release did not give firm dates or details on the sale – only that it would be “in the coming days.”
There are nine locations in Arkansas: Benton, Conway, Fort Smith, Harrison, Hot Springs, Jonesboro, Mountain Home, Paragould and Searcy. Hundreds of stores across the United States are located in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
The full press release:
No Longer Anticipates Closing Previously Announced Sale to Nexus Capital Management
Continues to Pursue a Going Concern Transaction
Preparing to Commence Going Out of Business Sales At Remaining Stores In Parallel With These Efforts
COLUMBUS, Ohio, Dec. 19, 2024 /PRNewswire/ — Big Lots, Inc. (the “Company”) today announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party. The Company’s goal would be to complete a sale by early January.
In parallel with these efforts, the Company is preparing to commence going out of business (“GOB”) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate. The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction.
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.”
Read more below.
The Company is continuing to serve customers in-store and online, and will provide updates as available.
Court filings and other information related to the proceedings, including how to file a proof of claim, are available on a separate website administrated by the Company’s claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/biglots, by calling toll-free at (844) 217-1398 (or +1 (646) 809-2073 for calls originating outside of the U.S. or Canada), or by sending an email to [email protected].
Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company.
Big Lots is one of the nation’s largest closeout retailers focused on extreme value. The Company is dedicated to being the big difference for a better life by delivering bargains to brag about on everything for the home, including furniture, décor, pantry and more. It fulfills its mission to help customers “Live BIG and Save LOTS” with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels, and value-engineered products. The Big Lots Foundation, together with the Company’s customers, associates, and vendors, has delivered more than $176 million of philanthropic support to critical needs in hunger, housing, healthcare, and education. For more information, to shop online, or to find a store near you, please visit biglots.com.