Big Lots to close all stores after bankruptcy and failed sale with Nexus Capital
Big Lots, one of the largest discount retailers offering everything from furniture to home goods and groceries, announced its decision to close all stores. The move comes after the company filed for bankruptcy and failed to sell its business to NexusCapital Management . This is another important moment in the retail sector as another giant exits the market due to financial constraints. What Caused the Closures? Big Lots had for years been battling declining sales and increasing competition. Although Big Lots was a household name in many communities due to offering affordable products, the company was facing intense competition from retail giants like Walmart and Target, discount chains like Dollar General, and rising e-commerce giants, specifically Amazon. Big Lots tried to turn the business around by undertaking various cost-cutting and restructuring measures. Among these measures were closing the underperforming locations and expanding the online offerings. Unfortunately, these...