Troubled furniture and home decor retailer Big Lots will launch sales at its remaining locations after a deal to find a buyer fell through.
Big prizes said in arrelease As of Thursday, he no longer expects to be able to reach a previously announced deal with a private equity group to save the company.
However, he said, he continues to work toward completing an alternative transaction with Los Angeles-based Nexus Capital Management Group or another party.
In September, big prizes filed for Chapter 11 bankruptcy reorganization after suffering continuous losses. The Columbus, Ohio-based company has announced hundreds of store closings this year.
The broader physical retail landscape took another round of hits in 2024, with 49 retail bankruptcies (including those of auto dealerships and direct-to-consumer brands) in the United States, up from 25 bankruptcies retail sales recorded in 2023, according to data from Coresight Research, a consumer analysis 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 to 4,627 store closures across the retail sector at the same time last year, Coresight said.