Updated: December 19, 2024 | By Megan Cerullo, Edited by Alain Sherter | CBS News

Big Lots, the well-known discount retailer, announced on Thursday that it will close all its stores nationwide as part of a bankruptcy process. The company plans to launch “going out of business” sales across its 900+ locations to liquidate inventory.

Failed Acquisition and Strategic Alternatives

Big Lots had initially planned to sell its assets to Nexus Capital Management, a private equity firm. However, that deal is no longer expected to materialize. While the company is still exploring other options and negotiating with Nexus, it has decided to move forward with closing its stores.

“We have worked tirelessly to secure a solution for the business,” said CEO Bruce Thorn. “Despite our efforts, we have made the difficult decision to begin the [going out of business] process to preserve the value of the Big Lots estate.”

A Retailer Built for Bargain Hunters

Headquartered in Columbus, Ohio, Big Lots operates more than 900 stores across the United States. Known for offering budget-friendly deals, the retailer sells a variety of products, including furniture, home décor, apparel, health and beauty items, and pantry goods. Its slogan promises “bargains to brag about.”

Bankruptcy and Store Closures

Big Lots filed for bankruptcy protection in September, originally intending to sell its operations to Nexus. Over the past year, the retailer had already announced plans to close hundreds of stores:

• August 2024: Up to 315 store closures planned.
• October 2024: Another 56 locations in 27 states marked for closure.

With the latest announcement, all remaining stores will be shuttered.

Broader Retail Trends in 2024

Big Lots is just one among many retailers struggling in a tough economic climate. According to research firm CoreSight, more than 7,100 U.S. retail locations are set to close by the end of 2024, marking a 69% increase compared to 2023. Additionally, 45 retailers have filed for bankruptcy this year, nearly double the number in 2023.

Other Major Retail Closures in 2024

CoreSight’s report highlights other companies facing significant store closures this year:

• Family Dollar: 677 locations
• CVS Health: 586 locations
• Conn’s: 553 locations
• Rue21: 543 locations
• 7-Eleven: 492 locations
• Rite Aid: 408 locations

Big Lots itself accounts for 580 closures, underscoring the deep challenges facing the retail industry.

A Glimpse at the Future

With the retail landscape shifting due to economic pressures and changing consumer behaviors, Big Lots’ closure adds to a growing list of casualties in 2024. For now, customers can take advantage of the retailer’s final sales as it exits the market entirely.

Source

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As Black Friday approaches, shoppers everywhere are eagerly awaiting the discounts that make this day legendary. This year, Temu is upping the ante with massive discounts on a vast array of products. From top-rated electronics to stylish apparel, elegant home decor, and must-have tools, Temu’s sale promises something for everyone. Here’s a closer look at what’s on offer:

1. Electronics: Deals Up to 70% Off

Tech enthusiasts, this one’s for you! Temu is offering huge discounts on select electronics, with savings reaching up to 70%. Shoppers can score deals on everything from headphones, laptops, and smart home gadgets to gaming gear. Don’t miss the chance to snag top-tier brands at an incredible price.

2. Home Decor: Refresh Your Space with Up to 65% Savings

Give your home a fresh look with decor items slashed by as much as 65%. From chic throw pillows to luxurious rugs and artwork, you’ll find pieces that elevate any space. With these deals, Temu is making it easy to transform your home without breaking the bank.

3. Fashion Finds: Trendy Apparel at 50% Off or More

Ready to update your wardrobe? Temu’s Black Friday sale offers unbeatable deals on apparel for men, women, and children. You’ll find discounts up to 50% on everything from cozy sweaters to stylish accessories. It’s the perfect time to grab those seasonal must-haves or shop for holiday gifts.

4. Essential Tools: Up to 60% Off DIY and Household Tools

DIYers and home improvement fans will love Temu’s discounts on tools. With markdowns up to 60% on essential household and repair tools, you can stock up on the items you need for your next project. Find power tools, toolkits, and more — perfect for every level of expertise.

5. Beauty and Health: Self-Care Deals Up to 55% Off

Take advantage of Black Friday to invest in your self-care routine. Temu’s health and beauty category features discounts up to 55% on skincare products, makeup, and wellness gadgets. Treat yourself or gift a loved one some pampering essentials.

Don’t Miss Out on Temu’s Biggest Black Friday Yet!

With Black Friday just around the corner, Temu’s deals are not to be missed. Be sure to mark your calendar, set your reminders, and get ready to shop smart and save big this Friday!

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As the holiday shopping season kicks off, Temu is gearing up for one of its biggest events of the year—Black Friday! Known for offering a wide range of products at incredibly low prices, Temu’s Black Friday sale promises to be a shopping extravaganza that you won’t want to miss.

What to Expect from Temu’s Black Friday Sale

1. Massive Discounts Across All Categories

Temu is renowned for its diverse selection of items, from fashion and home goods to electronics and beauty products. This Black Friday, shoppers can expect discounts of up to 70% off on thousands of products. Whether you’re looking for trendy apparel, kitchen gadgets, or tech accessories, Temu has something for everyone.

2. Flash Sales and Limited-Time Offers

To add to the excitement, Temu will feature flash sales throughout the Black Friday weekend. These limited-time offers will provide even deeper discounts on select items, encouraging shoppers to act quickly before they sell out. Be sure to keep an eye on the Temu app and website for notifications on these incredible deals!

3. Exclusive Promotions and Coupons

In addition to storewide discounts, Temu will be offering exclusive promotions and coupons for Black Friday shoppers. Customers can sign up for the Temu newsletter or follow their social media accounts to access special deals and coupon codes, ensuring they maximize their savings during this shopping event.

4. A Seamless Shopping Experience

Temu prioritizes customer satisfaction, and their Black Friday sale will be no exception. With an intuitive interface and user-friendly app, finding and purchasing products will be easier than ever. Plus, with fast shipping options, you can expect your orders to arrive promptly, just in time for the holidays.

5. Early Access for Loyal Customers

Temu values its loyal customers, and for those who frequently shop on the platform, early access to Black Friday deals may be available. This means that dedicated shoppers can get a head start on snagging the best offers before they’re made available to the general public.

How to Prepare for Temu’s Black Friday Sale

To make the most of Temu’s Black Friday sale, consider the following tips:

• Create an Account: If you haven’t already, set up an account on Temu. This will make the checkout process faster and allow you to save your favorite items.
• Wishlist Your Favorites: Browse the Temu website or app and add items to your wishlist. This way, you’ll have quick access to the products you want when the sale goes live.
• Stay Updated: Follow Temu on social media and subscribe to their newsletter for updates on the latest deals and promotions.

Conclusion

Temu’s Big Black Friday Sale is shaping up to be an unmissable event for savvy shoppers. With massive discounts, flash sales, and exclusive promotions, it’s the perfect opportunity to stock up on holiday gifts or treat yourself to something special. Mark your calendars, prepare your wishlists, and get ready to dive into the incredible deals waiting for you at Temu this Black Friday!

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