Big Lots confirms another store to close as shoppers alerted with banners & liquidation sales up to 30%
Big Lots is to close another location after declaring for bankruptcy in September and closing a number of stores.
Customers can benefit from up to 30% off during the ongoing liquidation specials as the Massachusetts stores close.
Although the precise date is unknown, the Big Lots site in Gardner, Massachusetts, which is 55 miles west of Boston, is scheduled to close down soon.
The Timpany Plaza store will stay open until its inventory runs out.
A corporate representative informed a local outlet, “The company decides when a closing store will permanently close based on available remaining inventory.”
“We are unable to provide an exact date of a store closure.”
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In addition to signs announcing that all goods was 30% off, the Gardner site recently placed banners warning customers that it will soon close.
Monday’s liquidations discounts drew a lot of consumers; one Big Lots employee said that the influx of people looking for a deal made the day feel more like a weekend than a weekday.
According to the employee, product shipments to the Garner Big Lots have not stopped.
The store sells groceries, furnishings, household necessities, and cosmetics and wellness items.
BIG TROUBLE
Following a string of financial issues for the American bargain store business, Gardner is set to close.
In September of last year, the business filed for Chapter 11 bankruptcy protection, citing a drop in consumer spending on home goods, competition, high mortgage rates, and inflation.
Big Lots first intended to liquidate more than 300 stores, but after a transaction with private equity firm Nexus Capital Management fell through, the company announced it would close all of its facilities.
However, when the chain signed a selling deal with Gordon Brothers Retail Partners, an asset liquidation firm, it was given another shot.
Big Lots assets, including stores, distribution hubs, and intellectual property, are being transferred as part of the transaction.
It will keep hundreds of Big Lots stores from closing, mostly in the southern and Mid-Atlantic regions of the nation.
Variety Wholesalers, Inc., which intends to run the purchased properties under the Big Lots brand, will receive the 200–400 Big Lots stores.
How does bankruptcy work?
A certain legal procedure called bankruptcy assists businesses in getting rid of debt they are unable to pay back.
Businesses can start over and obtain new credit through the process.
According to Investopedia, bankruptcies, which are overseen by federal courts, make it easier for a business to sell off its assets in order to satisfy its creditors.
Restructuring a firm with the intention of staying open, even if it means selling off the majority of the company’s assets, is accomplished through Chapter 11, a regular procedure for businesses.
In contrast, Chapter 7 puts a business out of business by selling all of its assets.
In contrast, Chapter 15 permits cooperation between U.S. and foreign courts to handle bankruptcy cases involving “parties of interest involving more than one country,” according to the U.S. Courts.
Bruce Thorn, president and CEO of Big Lots, expressed his satisfaction at the strategic deal’s completion, saying it offers a framework to protect thousands of jobs, optimize value, and uphold the Big Lots brand.
On this move, we are collaborating closely with the teams at Variety Wholesalers and Gordon Brothers. We appreciate the ongoing diligence and commitment of Big Lots employees throughout the organization.
Other well-known retailers have also been harmed by the challenging retail climate that has hurt Big Lots.
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For instance, after 40 years of operation, Party City declared bankruptcy and stated that its final closing date is approaching, with 695 outlets formally “winding down.”
The CEO of the Container Store sent a strong seven-word letter to customers despite the company’s Chapter 11 bankruptcy filing.
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