Bussiness
Columbus-based Big Lots fails to find buyer, plans to shut down remaining stores
Big Lots store closures: What you should know
Big Lots plans to close more than 340 stores, highlighting economic challenges facing large retailers.
Big Lots, the Columbus-based retailer, plans to close all remaining stores and go out of business by early January, ending 57 years of discounts.
The store announced Thursday that it will shut down after failing to reach a deal to be acquired out of bankruptcy by Nexus Capital Management. Big Lots President and Chief Executive Officer Bruce Thorn said in a news release that the company will continue to pursue a buyer.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Thorn said in the release. “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 (going-out-of-business) process.”
The company said it will start going-out-of-business sales at its remaining locations.
Founded in 1967 as Consolidated International, the chain emerged as Odd Lots/Big Lots in 1982, one of the nation’s early discount retailers. The chain thrived for decades but ran into problems the past few years and in September filed for bankruptcy.
The chain started closing some of its more-than-1,500 stores in June, and accelerated the closings this fall. As of late November, the chain had announced that it was closing more than 400 stores, leaving less than 1,000 stores in the chain.
In October, the chain closed its distribution center on Phillipi Road on the West Side, eliminating nearly 400 jobs.
The company has not said what will happen with its corporate headquarters on East Dublin-Granville Road near New Albany.
Big Lots said it is continuing to serve customers in-store and online, and will provide updates to the closing process as they become available.
jweiker@dispatch.com
@JimWeiker
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