Discount retailer Big Lots is shutting down all of its locations nationwide, including its store in Falls Township.
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The closings marks a final blow for the retailer just three months after the company sought Chapter 11 bankruptcy protection.
The announcement impacts more than 900 Big Lots stores and signals the start of “going out of business” sales, which could start as early as this weekend.
The Fairless Hills Shopping Center on Lincoln Highway is where the local Big Lots is located.
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While the exact closure date for the Falls Township store remains unconfirmed, but Big Lots aims to finalize an alternative transaction by early January.
The closure follows the collapse of a prospective acquisition by Nexus Capital Management. The company to pursue other sale options to salvage its business, a statement from the Ohio-based company said.
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“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, president and CEO of Big Lots. 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 going out of business process.”
Founded in 1967, Big Lots has struggled with inflation, declining sales, and increasing interest rates, leading up to its bankruptcy filing in September.
Before this week, the retailer had already closed more than 400 stores after warning of significant operational challenges and a potential default on a 2022 loan that threatened its ability to keep the doors open.
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A Grocery Outlet store is set to open adjacent to the soon-to-be-vacant Big Lots location.
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