Big Lots: The End of an Era in Retail

After 57 years in business, Columbus-based retail giant Big Lots announces the closure of all remaining stores and plans to cease operations by early January. This decision comes after negotiations for a takeover out of bankruptcy by Nexus Capital Management failed. CEO Bruce Thorn expressed disappointment but emphasized that the search for a buyer continues. "Our team has worked intensively and taken every conceivable measure to enable continuation," Thorn stated in a release. Nevertheless, to protect the company's value, the difficult decision must be made to initiate the business liquidation process. The clearance sale in the remaining stores has already begun, which also means the closure of the three locations in Stark County – Hartville, Alliance, and Canton Township in the Meyers Lake Plaza. The chain, founded in 1967 as Consolidated International and renamed Odd Lots/Big Lots in 1982, was one of the pioneers of discount retail in the USA. While it was successful for decades, the company encountered difficulties in recent years and filed for bankruptcy in September. As part of a restructuring plan, Big Lots began closing some of its over 1,500 stores in June and accelerated this process in the fall. By the end of November, it was announced that more than 400 stores would be closed, reducing the total to less than 1,000 stores. After the distribution center on Phillipi Road on the west side of the city was closed in October and almost 400 jobs were cut, future plans for the corporate headquarters on East Dublin-Granville Road also remain uncertain. Nevertheless, operations both in stores and online will continue for the time being, and customers will be informed of the progress of the closures.