Big Lots announces store liquidations while pursuing a business continuity deal to protect its assets in 2024

Big Lots is one of the leading closeout retailers in the United States, focused on offering products at exceptionally low prices. Its mission is to improve customers’ quality of life by providing standout deals on furniture, décor, pantry items, and other household essentials. The company is committed to helping consumers «live BIG and save LOTS» through sourcing strategies that include liquidations, surplus goods, private labels, and value-added products.

Additionally, through the Big Lots Foundation and partnerships with customers, employees, and suppliers, the company has contributed over $176 million to philanthropic initiatives focused on hunger, housing, healthcare, and education.

In the meantime, Big Lots plans to begin liquidation sales at its remaining stores in the coming days to protect the value of its assets. This step does not preclude the possibility of completing a going-concern transaction.

Bruce Thorn, President and CEO, stated: «We have worked tirelessly to close a going-concern sale. While we remain hopeful of securing an alternative transaction, we have made the difficult decision to initiate liquidation sales to safeguard Big Lots’ asset value.»

The company continues to serve customers both in stores and online and will provide updates as they become available.

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