Big Lots, a notable discount home goods retailer, has started the process of closing all its stores after filing for Chapter 11 bankruptcy protection, heavily discounting merchandise to clear out inventory.
In his statement, Bruce Thorn emphasized the efforts of the team to explore alternative transactions. However, the decision to begin the going-out-of-business process became necessary to protect the Big Lots estate.
This chapter of Big Lots' story follows a series of financial difficulties, with several store closures occurring prior to this announcement, suggesting mounting challenges faced by the company.
Currently, about 400 stores, including six in South Florida, are set to close amid the bankruptcy process, marking a significant downscale for the once-popular retailer.
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