(TNND) — Big Lots is preparing to close all remaining locations, following the closure of hundreds of stores and filing for Chapter 11 bankruptcy, the company announced on Thursday.
In a press release, the company said it is “preparing to commence going out of business sales at all remaining Big Lots store locations in the coming days.” The decision comes after the company failed to complete a sale deal with Nexus Capital Management, a private equity firm.
The Hill reports that more than 400 Big Lots stores, out of 900 total, have closed this year, marking a 30% reduction of the brand.
In an email to employees, shared with Nexstar and reported by The Hill, president and CEO Bruce Thorn stated that the planned store closures could “be reversed if we successfully complete a sale.”
As for staffing, Thron said in the email that “a reduction in (work) force is necessary,” adding that the reduction in workforce for corporate associates will begin in January. Some employees may receive WARN Act (Worker Adjustment and Retraining Notification Act), notifying them of staff reduction.
“I recognize this is difficult news for all of us. You should be proud of the grit and resiliency you’ve demonstrated through what I know has been a challenging time,” Thorn wrote in the email.
Earlier this year inflation and retailer competition created issues for Big Lots pushing it to file for bankruptcy in September. After filing, Big Lots said it had plans to sell all assets and business operations to Nexus.
Big Lots is among many large retailers and chains to close down in 2024.