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The company says it's started the process of closing stores in 48 states and liquidating inventory under its court-supervised Chapter 11 bankruptcy proceedings.
The decision comes as the retailer seeks to maximize value for stakeholders while exploring potential going-concern sale opportunities.
"We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots' President and Chief Executive Officer Bruce Thorn said, "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."
The Ohio-based discount retailer confirmed that all stores will remain open during the liquidation sales, offering significant discounts on inventory. Online operations will also continue, allowing customers to shop while supplies last.
The company is seeking court approval for measures to support employees during the transition, including severance pay and outplacement services.
Big Lots has faced mounting financial challenges in recent years, driven by evolving consumer habits and broader economic pressures.
Further updates on the store closure timeline and the potential sale process will be shared in the coming weeks.
Customers are encouraged to take advantage of clearance pricing as the retailer begins its winding-down process.
The 963 stores are located in these states:
- Alabama
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
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