• Big Lots said Thursday it does not expect to close the deal to sell itself to a private equity firm.
• The company will hold going-out-of-business sales at remaining stores as it looks for a new buyer.
• Hundreds of Big Lots stores are slated to close across the US.

The fate of Big Lots is getting down to the wire.

The discount retailer said Thursday that it will hold going-out-of-business sales at its remaining stores as it does not expect to close its sale to private equity firm Nexus Capital Management.

However, it is not officially going out of business.

"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," CEO Bruce Thorn said in a statement.

The company did not specify why the deal — which was worth roughly $750 million and had received court approval in November — fell through.

Big Lots said it does not expect the going-out-of-business sales will preclude it from negotiating a new deal, which it hopes to achieve by early January.

In addition to its announcement, Big Lots added hundreds of new locations to its list of more than 200 closing stores, which has been growing since it filed for bankruptcy protection in September. The fleet previously counted nearly 1,400 stores across the US.

Business Insider visited one location before it was included on this latest list and found empty shelves, an unusual assortment of merchandise, and few actual bargain prices.

Big Lots positions itself as a store to find great deals, which it offers by sourcing products at low costs from suppliers and other retailers.

But declining sales, a growing mountain of debt, financial losses, and a high percentage of underperforming stores have put the company's future in doubt.

If you are a Big Lots worker who wants to share your perspective, please contact Dominick via email or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out

• Big Lots is closing hundreds of stores after it filed for bankruptcy in September.
• Private equity firm Nexus Capital Management plans to acquire the retailer.
• I visited a Big Lots store in Maryland in September to see what it's like to shop there.

Big Lots is facing some big problems.

The discount retail chain won court approval last week to sell its assets and operations to an affiliate of Nexus Capital Management. The deal is expected to close in early December. Big Lots filed for Chapter 11 bankruptcy in September.

Nexus already owns several consumer brands, including Dollar Shave Club and shoe brand Toms.

It's also shuttering over 200 of its roughly 1,400 stores, according to filings in Delaware's bankruptcy court.

Big Lots cited high interest rates and inflation among the factors that have held back its sales in a statement announcing the Chapter 11 filing. Many of its customers have cut back spending on home decor and other non-essential purchases that make up most of what Big Lots stocks, the company added.

Plenty of shoppers are trimming their budgets, especially for purchases they can live without, like eating out or upgrading their home appliances.

But Big Lots has long marketed itself as a place to find great deals. The company has said that it buys products cheaply from suppliers and other retailers, which enables it to keep prices low. That seems like a model that should be working at a time like this. Big Lots did not respond to a request for comment from Business Insider.

To see what shopping at the chain is like these days, I went to a Big Lots store in the Washington, DC, area after the company filed for bankruptcy in September.

Here's what I found.

I visited a Big Lots store in Waldorf, Maryland.

Big Lots has said it will close several stores in the Washington, DC area. This store, located in a strip mall about an hour outside of DC, is one of a few that will remain open.

I noticed these bags of potting soil and wood pellets for smoking meat.

It definitely wasn't peak planting or grilling season anymore when I visited this store in mid-September.

This Big Lots store had a lot more food items than I expected it to.

This Big Lots store had several aisles of shelf-stable grocery items, from chips to cake mixes.

Big Lots acquires many products from closeouts, which happen when the retailer's suppliers get rid of something at a sizable discount.

That strategy extends to food, which Big Lots acquires "for a variety of different reasons, including other retailers canceling orders or going out of business, production overruns, or marketing or packaging changes," the company wrote in its latest annual filing with the SEC.

I found condiments, including ketchup and mustard...

I recognized some big food brands, such as Hellmann's mayonnaise. Others, such as "Totally Tomato" ketchup, were foreign to me.

...as well as bottles of Prime, the line of energy drinks that Logan Paul cofounded.

Prime is facing several lawsuits, including at least two that claim the brand's sales this year have been slower than anticipated, BI reported last month.

Big Lots also had a selection of cleaning and personal care products, such as this store-brand toilet paper.

I found it interesting that a store focused so much on selling closeout merchandise also has so many products under its own brand. Besides this toilet paper, I also found Big Lots-branded paper plates, markers, and puppy training pads.

I found a wider selection of products at Big Lots than I'd expected for a store of this size.

On average, Big Lots stores had an average of 23,000 square feet of selling space in 2023, according to the company's annual filing with the SEC. That's tiny compared to almost any big-box store: The average Walmart takes up 105,000 square feet, according to a company filing.

Yet Big Lots had a lot of departments, from kitchen supplies to furniture to groceries. The selection within each was limited, and it felt to me like the store was trying to be everything at once.

This display of products that cost less than $5 reminded me of a dollar store.

The 99-cent Halloween-themed socks were similar to what I've seen at Dollar General and Dollar Tree stores.

There was also a decent selection of furniture, from bed frames and mattresses...

Signs on the mattresses advertised Big Lots' own credit card, which offers interest-free payments on big purchases.

...to this TV stand.

It reminded me of Ikea's Kallax shelving units.

Even though this store isn't closing, I spied some empty shelves.

These shelves were next to a selection of plastic storage containers and other home goods.

Some of the products at this Big Lots store were from a different era.

I found this selection of DVD movies, including "Inception," released in 2010, and "War Dogs," which came out in 2016.

It's been at least a decade since I saw this many DVDs in one place.

This puzzle featuring characters from John Hughes' "Sixteen Candles" was a prime example.

I found this puzzle in the toy section for $6. It was one of the most unusual things I found in the store, both because "Sixteen Candles" came out forty years ago and because the manufacturer leaned on the Blockbuster name.

It wasn't just the products: Shopping at Big Lots felt like stepping back in time.

Maybe it was just the rows of fluorescent lighting on the ceiling, but this Big Lots store felt like something out of the 1990s.

The deals didn't impress me, either.

Big Lots customers should still expect "extreme bargains" at its stores despite its ongoing bankruptcy, the company says on a website with information about the filing.

But this 2-for-$5 deal on two-liter bottles of Coca-Cola sodas was representative of the prices I saw at this Big Lots store: Big Lots' pricing was mostly in-line with other places where I could buy similar stuff.

I headed toward the checkouts with two purchases in hand.

In addition to the $6 puzzle, I found a pack of 100 disposable gloves for $1.99, a slightly better deal that I've seen elsewhere.

I left confused about the role that Big Lots is trying to play for shoppers.

Big Lots had the range of products that I'd associate with a big-box store like Walmart or Target. But it didn't have the same selection within each category that I'm used to at those stores.

The company's focus on closeout merchandise also reminded me of off-price retailers like TJ Maxx and Ross, but those stores seem to have a narrower focus on home goods, clothing, and accessories than Big Lots does.

And if you need ketchup, chips, or other groceries, there's no shortage of supermarkets near this Big Lots. I counted at least seven within a mile of the store, including an Aldi, a Safeway, and a local organic market — and each has fresh produce and meat as well.

Lots of retailers have gone through bankruptcy or closed stores over the last 20 years.

From Sears to Bed Bath & Beyond, plenty of once-prominent retailers have gone through bankruptcies, closed stores, and, in some cases, shut down completely. At the same time, Walmart, Target, and Amazon have continued to attract customers.

Based on my trip there, I don't see a reason to keep shopping at Big Lots. If the chain wants to survive — and avoid the fate of Sears — it will need to offer shoppers something that they can't get anywhere else.

Do you work at a major retailer and have a story idea to share? Reach out to this reporter at [email protected]

• Discount retailer Big Lots has received court approval to sell itself to Nexus Capital Management.
• The struggling company filed for bankruptcy in September and has been reducing its store fleet.
• Here is the combined list of 228 locations slated to close across 41 US states.

The Big Lots location near you might be on the chopping block.

The discount retailer received initial approval this week to sell itself to Los Angeles private equity firm Nexus Capital Management in a deal worth roughly $750 million, including $2.5 million in cash.

The struggling company filed for bankruptcy protection in September and has been reducing its store fleet of nearly 1,400 locations.

"Bankruptcy will allow Big Lots to try and put itself on a more stable footing," Global Data retail analyst Neil Saunders said in a note following the Chapter 11 filing in September. "The sale to Nexus Capital, which is something of a stalking horse bid, gives certainty that the chain will survive in some form."

As part of the bankruptcy process, Big Lots released five lists of stores it intends to close, which Business Insider has combined into a single resource.

To check if your nearby Big Lots will be impacted, you can check the combined list of 228 locations set to close across 41 US states.

Here's the list of closing locations:

Alabama

• 1109 280 Byp, Phenix City

• 142 Green Springs Hwy, Homewood

  Arkansas

• 207 Airport Rd, Hot Springs National Park

• 150 E Oak St, Conway

  Arizona

• 409 N Litchfield Rd, Goodyear
• 14537 W Grand Ave Ste 200, Surprise
• 1110 W Southern Ave Ste 1, Mesa
• 6660 W Cactus Rd Ste A110, Glendale
• 1799 Kiowa Ave Ste 106, Lake Havasu City

• 3543 W Thunderbird Rd, Phoenix

  California

• 4022 Madison St,Riverside
• 1955 Foothill Blvd, La Verne
• 610 Las Tunas Dr, Arcadia
• 3003 W Manchester Blvd, Inglewood
• 14339 Clark Ave, Bellflower
• 2500 W Commonwealth Ave, Alhambra
• 1625 E Valley Pkwy, Escondido
• 299 Borchard Dr, Ventura
• 1445 N Montebello Blvd, Montebello
• 150 South 11th Ave, Hanford
• 610 Las Tunas Dr, Arcadia
• 1141 Sanguinetti Rd, Sonora
• 2243 Foothill Blvd, La Canada
• 3003 W Manchester Blvd, Inglewood
• 10251 Fairway Dr, Roseville
• 32241 Mission Trl Unit C, Lake Elsinore
• 34601 Yucaipa Blvd, Yucaipa
• 1410 E Plaza Blvd, National City
• 1070 W Avenue K Ste A, Lancaster
• 16824 Main St, Hesperia
• 2685 Hilltop Dr, Redding
• 1201 E Manning Ave, Reedley
• 2727 N Grand Ave, Santa Ana
• 1207 Aviation Blvd, Redondo Beach
• 25260 Madison Ave, Murrieta
• 1815 W Slauson Ave, Los Angeles
• 1675 Hillman Street, Tulare

• 4751 White Lane, Bakersfield

  Colorado

• 4260 Wadsworth Blvd, Wheat Ridge

• 893 S Kuner Rd, Brighton

  Connecticut

• 1235 Farmington Ave, Bristol

  Florida

• 14333 Beach Blvd Ste 18, Jacksonville Beach
• 4801 Linton Blvd Ste 15A, Delray Beach
• 7930 Pines Blvd, Pembroke Pines
• 250 N Us Hwy 17-92, Longwood
• 2100 SW 27Th Ave, Miami
• 6420 20th St, Vero Beach
• 1055 62nd Ave N, Saint Petersburg
• 1492 S Belcher Rd, Clearwater
• 950 58th St N, Saint Petersburg
• 751 Good Homes Rd, Orlando
• 14948 N Florida Ave, Tampa
• 111 Racetrack Rd NW, Fort Walton Beach

• 2544 E Colonial Dr, Orlando

  Georgia

• 2059 Scenic Hwy N, Snellville
• 2842 Chapel Hill Rd, Douglasville
• 2708 Peach Orchard Rd, Augusta
• 3950 Venture Dr, Duluth
• 6851 Shannon Pkwy, Union City
• 160 Market Sq, Cartersville
• 4200 Wade Green Rd Nw Ste 144, Kennesaw

• 3358 Chamblee Tucker Rd, Atlanta

  Idaho

• 1000 Pocatello Creek Road, Pocatello

• 100 E Fairview Ave, Meridian

  Illinois

• 4050 183rd St, Country Club Hills
• 400 W Rollins Rd, Round Lake Beach
• 10205 Grand Ave, Franklin Park
• 1383 E Pershing Rd, Ste A Decatur

• 8750 N 2nd St, Machesney Park

  Indiana

• 6225 Allisonville Rd, Indianapolis
• 1930 E. Connor St, Noblesville
• 1911 E Ireland Rd, South Bend
• 1795 W Mcgalliard Rd, Ste 2 Muncie
• 10321 East US Route 36, Avon
• 2050 S 22nd St Lafayette
• 1538 North Morton St, Franklin
• 918 W Lincoln Hwy, New Haven

• 440 New Albany Plz, New Albany

  Iowa

• 4365 Merle Hay Rd, Des Moines
• 3562 N Brady St, Davenport

• 3320 Agency St, Burlington

  Kansas

• 4165 E Harry St, Wichita

• 7408 Nieman Rd, Shawnee

  Kentucky

• 2601 Fort Campbell Blvd, Hopkinsville

  Louisiana

• 1293 Shreveport Barksdale Hwy, Shreveport
• 8700 W Judge Perez Dr, Chalmette
• 6900 Siegen Ln, Baton Rouge
• 5005 Lapalco Blvd, Marrero

• 3250 Gerstner Memorial Dr, Lake Charles

  Maine

• 8 Gurnet Rd Ste 8, Brunswick

  Maryland

• 2659 Annapolis Rd, Hanover
• 2525 Cleanleigh Dr, Parkville
• 1731 Ritchie Station Court, Capitol Heights
• 20926 Frederick Rd, Germantown
• 5820 Baltimore National Pike, Catonsville
• 1815 Pulaski Hwy, Edgewood

• 200 Smallwood Dr W, Waldorf

  Massachusetts

• 10 Newbury St Ste 5, Danvers
• 40 Jackson St, Methuen

• 126 Boston St, Lynn

  Michigan

• 23351 Eureka Rd, Taylor
• 4655 Canal Ave SW, Grandville
• 4080 E Blue Grass Rd, Mount Pleasant
• 1950 Pipestone Rd, Benton Harbor
• 2580 Tittabawassee Rd, Saginaw
• 29712 Southfield Rd, Southfield

• 30000 Plymouth Rd, Livonia

  Mississippi

• 4600 Hardy St Ste 34, Hattiesburg

  Missouri

• 5881 Suemandy Rd, Saint Peters
• 4826 N Oak Trafficway, Kansas City
• 230 Huck Finn Shopping Ctr, Hannibal
• 901 East Langsford Rd, Lees Summit
• 691 Gravois Bluffs Blvd, Fenton

• 603 SW US Highway 40, Blue Springs

  Nebraska

• 220 N 66th St Ste 320A, Lincoln

• 850 E 23rd St, Fremont

  New Hampshire

• 96 Daniel Webster Hwy, Belmont

• 96 Milton Rd, Rochester

  New Jersey

• 4215 E. Black Horse Pike Unit 31, Mays Landing
• 811 N Delsea Dr, Glassboro
• 101 Bluebird Ln, Millville
• 550 Mount Pleasant Ave, Dover
• 725 US Rt 440, Jersey City

• 949 Church Rd, Cherry Hill

  New Mexico

• 465 Coors Blvd NW, Albuquerque

• 9500 Montgomery Blvd NE, Albuquerque

  New York

• 120 Hoosick St Ste 12, Troy
• 10 Glenwood Ave, Binghamton
• 1851 Sunrise Hwy, Bayshore
• 785 Canandaigua Rd, Geneva
• 1375 Ulster Ave, Kingston
• 400 Route 211 E Ste 28, Middletown
• 275 S Broadway, Hicksville
• 1574 Route 9 Wappingers, Falls

• 525 Titus Ave Ste 15, Irondequoit

  Nevada

• 1221 W Warm Springs Rd, Henderson
• 4215 S Carson St, Carson City
• 7781 W Tropical Pkwy, Las Vegas

• 1300 Disc Dr, Sparks

  North Carolina

• 3340 Cypress Plantation Dr, Raleigh
• 10416 E Independence Blvd Ste 500, Matthews

• 223 New Market Ctr, Boone

  Ohio

• 7779 Tylersville Rd, West Chester
• 7155 Market Place Dr, Aurora
• 4154 Hunt Rd, Blue Ash
• 1451 W 5th Ave, Columbus
• 1550 Coshocton Ave, Mount Vernon
• 9880 Olde US 20, Rossford
• 4585 Eastgate Blvd, Cincinnati
• 60 E Schrock Rd, Westerville
• 1733 Pearl Rd Ste 125, Brunswick
• 26425 Great Northern Plaza, North Olmsted

• 6235 Wilson Mills Rd, Highland Heights

  Oklahoma

• 613 N Perkins Rd, Stillwater
• 4010 W Owen K Garriott Rd Ste 300, Enid
• 8939 S Memorial Dr, Tulsa
• 2144 S Sheridan Rd, Tulsa

• 1200 N Hills Center, Ada

  Oregon

• 5790 Main St, Springfield
• 2600 NE Highway 20, Bend
• 1070 Biddle Rd, Medford
• 930 S Highway 395 Ste A, Hermiston

• 1350 Ne Stephens St Ste 50, Roseburg

  Pennsylvania

• 110 Greene Plz, Waynesburg
• 3472 Concord Rd, Aston
• 3113 Green Garden Rd, Aliquippa
• 4047 William Penn Hwy, Monroeville
• 1701 Lincoln Hwy Ste 10, North Versailles
• 15501 Bustleton Ave, Philadelphia

• 2631 Macarthur Rd, Whitehall

  South Carolina

• 7620 Rivers Ave Ste 200, North Charleston

• 406 E Martintown Rd, North Augusta

  Tennessee

• 975 C Highway 51 S, Covington
• 7950 Giacosa Pl, Memphis
• 4224 Summer Ave, Memphis
• 5702 Nolensville Rd, Nashville
• 791 West Elk Ave, Elizabethton

• 2020 Gunbarrel Rd Ste 186, Chattanooga

  Texas

• 1913 Texas Ave S, College Station
• 2028 N Main St, Pearland
• 3510 E Interstate 40, Amarillo
• 4919 North St Ste 101, Nacogdoches
• 989 N Walnut Creek Dr Ste 151, Mansfield
• 27816 State Hwy 249, Tomball
• 923 S Mason Rd, Katy
• 1255 Town Square Dr, Fort Worth
• 5800 Overton Ridge Blvd, Fort Worth
• 6900 San Pedro Ave Ste 119, San Antonio
• 4101 Interstate Hwy 69 Access Rd, Corpus Christi
• 600 W 15th St, Plano
• 1421 S Beckham Ave, Tyler
• 9795 Westheimer Rd, Houston
• 3601 Lakeview Pkwy, Rowlett
• 3178 Lavon Dr, Garland
• 5910 Eastex Fwy, Beaumont
• 1239 US 181, Portland
• 6138 Hwy 6 N, Houston
• 5000 Main St, The Colony
• 2855 Ridge Rd, Rockwall
• 8318 FM 78, Converse
• 1201 S Interstate 35 Ste 200. Round Rock
• 3512 Lamar Ave, Paris
• 4002 Sunset Dr, San Angelo
• 2249 S Loop 288, Denton
• 850 N Bell Blvd Ste 104, Cedar Park
• 1374 W Main St, Lewisville
• 2729 New Boston Rd, Texarkana
• 425 Sawdust Rd Ste A, Spring
• 23741 Hwy 59 Ste 30, Porter
• 3715 Colony Dr, San Antonio

• 1201 W Nasa Pkwy, Webster

  Utah

• 3931 W 9000 S, West Jordan

  Virginia

• 300 Enterprise St, Sterling
• 121 Plaza Rd SW, Wise
• 6571 Market Dr, Gloucester
• 4300 Portsmouth Blvd, Chesapeake

• 8151 Brook Rd, Richmond

  Vermont

• 70 Pearl St, Essex Junction

  Washington

• 205 Marysville Mall, Marysville
• 14024 E Sprague Ave, Spokane Valley
• 2401 N Pearl St, Tacoma
• 3019 W Kennewick Ave, Kennewick
• 11696 NE 76th St, Vancouver
• 120 N Fair Ave, Yakima

• 813 N Stratford Rd, Moses Lake

  West Virginia

• 5636 US Route 60, Huntington

  Wisconsin

• 3004 E Hamilton Ave, Eau Claire
• 1800 Milton Ave Ste 100, Janesville