Is This Major Retailer Now Closing All Locations?

Just when it seemed like we were in the clear, that some of the previously announced local store closures were no longer happening, a message to Big Lots email subscribers indicates otherwise for the future of this retailer.

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Are All Big Lots Locations Now Closing?

An email sent out just after 8pm on Sunday December 22nd encouraged shoppers to 'save big before it's too late' - taking advantage of markdowns at Big Lots locations, but what was shared inside the email itself was more of a surprise; ALL STORES CLOSING.

A press release on the official Big Lots website indicates that the company is 'preparing to commence going out of business sales at remaining stores.' This update came as a result of a previously announced purchase agreement with Nexus Capital Management, which will allegedly not be completed.

The goal was for the sale to be completed with Nexus by January, but since these plans have changed, it seems like Big Lots is now moving forward with their going out of business sales at all remaining stores 'to protect the value of its state.' Big Lots CEO and President Bruce Thorn, in his statement revealed the following:

We all have worked extremely hard and have taken every step to complete a going concern sale. 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 process.

At this time, current stores remain open, and online sales will continue on the Big Lots website.

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Layoff Notice Sent to Big Lots Employees

An official 'layoff notice' letter has been circulating, and was recently shared by CNN. The letter indicates that 'mass layoffs' will begin in the days following Christmas, with an expected completion date of April 2025. The letter says there are up to 555 employees of the company who will have their employment permanently terminated, no union representative and no bumping rights.

To date, more than 400 Big Lots stores have already been closed, with a number of the Hudson Valley locations impacted, and then saved, but perhaps not for long.

This story will be updated as additional details become available.