Big Lots Is Officially Done! Major Going Out of Business Sale

This has been a heart-wrenching year for Big Lots and all of its fans.

First, it closed 300 locations in August of 2024. Then, in October, it shut down another 47 locations.

According to Chainstoreage, Big Lots filed for bankruptcy protection in September, and while there was a buyer interested in taking on the company's debt and locations, that buyer and that deal have fallen through.

It is pretty simple to see why. Big Lots listed liabilities of $1 billion to $10 billion in its bankruptcy petition. Asking anyone to take on that much debt after purchasing the company is a lot.

Now, Big Lots says it is preparing to start "going out of business" sales at all of its remaining 950 store locations in the coming days.

This sale should be door-busting. Big Lots is already known for having extremely low prices, so the fact that they are having a bankruptcy sale — not just a sale — the discounts will likely be deep.

God bless the higher-ups at Big Lots, they are staying on the Titanic until everyone gets off safe.

CEO Bruce Thorn says, "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 (going out of business) process."

If you are road-tripping it this holiday season and happen to see a Big Lots, you will likely see a giant going out of business banner with some major sales inside.

It likely will be a free-for-all in there, but possibly worth it to snag some deep savings before the stores are gone for good.