Company Overview - Big Lots has entered voluntary Chapter 11 bankruptcy proceedings and plans to begin going-out-of-business sales at its remaining 900 stores after a failed acquisition deal with Nexus Capital Management [14][15][22] - The company has already closed about 400 stores this year, indicating significant downsizing [14] Financial Performance - Big Lots reported net sales of $1 billion for the first quarter, down 10% from the previous year, with a net loss of $205 million [17] - For fiscal 2024, revenues were $4.7 billion, a decline of 14% from the previous year, and a net loss of $482 million compared to $211 million in 2023 [17] - The company ended the first quarter with inventory valued at $950 million, a 13% decrease from the previous year [5] Market Conditions - The furniture and home furnishings retail segment has declined by 3.3% to $123 billion, contrasting with a 3.5% increase in the overall core retail market [10] - Big Lots attributed its missed sales goals to a pullback in consumer spending, particularly in high-ticket discretionary items [4] Employee Impact - The announcement of the going-out-of-business sales has left approximately 27,000 employees facing unemployment in the New Year [16] Acquisition Attempts - Nexus Capital Management's initial plan to acquire Big Lots has stalled due to lower-than-expected inventory valuation, making the deal economically unviable [28] - Big Lots is still in discussions with Nexus and another firm about potentially keeping "several hundred" stores open [6]

National retailer Big Lots, which is based in Columbus, Ohio, announced Thursday that it will begin having Going Out of Business sales at all of its remaining stores.The retail chain also announced it does not anticipate completing a previously announced asset purchase agreement with Nexus Capital Management and will continue working toward an alternative sale with either Nexus or another company.Big Lots, Inc. hopes to have the sale completed by early January.With no deal set, the company will begin Going ...

Big Lots said Thursday (Dec. 19) that it is preparing to begin going out of business (GOB) sales at all its remaining stores after determining that it no longer expects to complete its previously announced sale to Nexus Capital Management.The closeout retailer said in a press release that it is still working toward completing an alternative going concern transaction — with Nexus or another party — and believes that the GOB sales will not stop it from doing so.Nexus Capital Management did not immediately rep ...

Big Lots’ Chapter 11 bankruptcy filing and upcoming acquisition by Nexus Capital Management revealed the deep-rooted issues in the company’s business model, particularly its struggle to adapt to the digital age.In a previous interview with PYMNTS, Sudip Mazumder, SVP, retail industry lead, North America at digital consultancy Publicis Sapient, said Big Lots relied on a traditional brick-and-mortar model, focused on closeout merchandise and no longer met the demands of consumers seeking convenience, variety ...

Company Remains Committed to Providing Customers with Unmistakable Value and Extreme Bargains COLUMBUS, Ohio, Nov. 22, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC: BIG) (the "Company") today announced that it has received court approval for the sale of substantially all of the Company's assets and ongoing business operations to an affiliate of Nexus Capital Management LP ("Nexus"). The sale, which is subject to customary closing conditions, is expected to close in early December.Bruce Thorn, Big Lots' Presiden ...

COLUMBUS, Ohio, Nov. 8, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC:BIG) today announced the launch of a new Big Lots app is designed to enhance the shopping experience for its valued customers. The app is available for current and new Big Reward members, bringing a host of new features and benefits for its loyal customers. It is the latest step in delivering on its promise to be the leader in extreme value. The enhanced Big Lots app offers in-store rewards access, a personalized dashboard for tracking earning ...

In collaboration with Stop Soldier Suicide and Children of Fallen Patriots, Big Lots launches donation campaign and offers special in-store discounts to support military familiesCOLUMBUS, Ohio, Nov. 4, 2024 /PRNewswire/ -- Big Lots (OTC: BIG) will honor veterans and active military members throughout November with exclusive discounts, recognition of veteran associates and partnerships with national nonprofits dedicated to supporting military families. In partnership with Stop Soldier Suicide and Children of ...

November 1 Falloweenmas Events offers additional savings on top of bargain pricing for seasonal fall, Halloween, and Christmas items Every Friday is Black Friday now at Big Lots through December 6  COLUMBUS, Ohio, Oct. 31, 2024 /PRNewswire/ -- Big Lots (OTC: BIG) announces the opening of its Holiday Shop with a special one-day sale event, "Falloweenmas," taking place on Friday, November 1. This unique event offers a mash up of incredible deals on seasonal items across fall, Halloween, and Christmas holiday ...

HARRISBURG, Pa., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced that it was the winning bidder in the latest bankruptcy sale process to acquire eight additional former Big Lots store leases. The eight stores were part of a bankruptcy auction for the second wave of Big Lots store closures, which included 170 stores. The acquisition of the eight additional store leases are subject to final bankruptcy court approval and customary closing c ...

COLUMBUS, Ohio, Oct. 9, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC: BIG) announced today in observance of World Mental Health Day (October 10), a special four-day promotion to assist children in local communities. The Kindness Kits Challenge, part of Big Lots' Kids Mental Health Foundation (KMHF) fall point-of-sale campaign, will dedicate funds raised at the register from October 10-13 to distribute kindness kits to local elementary schools in communities near Big Lots store locations. Beginning in September ...