Big Lots, the nationwide discount retailer, announced Thursday it will close all 963 remaining stores and lay off its corporate workforce, including CEO Bruce Thorn, marking the end of the long-running retail chain.
The company's decision comes after failed negotiations with private equity firm Nexus Capital Management for a potential buyout, following Big Lots' Chapter 11 bankruptcy filing in September.
According to a Worker Adjustment and Retraining Notice (WARN) filed with Ohio authorities, up to 555 employees at the Columbus headquarters will lose their jobs, with layoffs expected to continue through April 2025. The cuts affect all corporate positions, including the president and CEO role.
"While we have worked extremely hard to complete a going concern sale, we must now begin the GOB [Going Out of Business] process," stated CEO Bruce Thorn in the announcement. The company will commence liquidation sales at all locations in the coming days.
The retailer, which operates in 48 states and employs over 27,000 people, has already shuttered approximately 400 stores this year amid mounting financial pressures. Unsecured creditors claim they are owed $89 million in rent and vendor payments.
The company remains open to potential buyers who might save portions of the business, though prospects appear dim. Big Lots stores will continue serving customers both in-store and online during the liquidation process, with closing sales beginning immediately.
The shutdown represents a dramatic end for the Columbus-based retailer, which had built its business on offering discounted home goods and closeout merchandise. Rising inflation and increased competition from other retailers had created substantial challenges for the company throughout the past year.