Big Lots stores in Leesburg and Eustis are likely to close as the bankrupt discount retailer prepares to shut down all of its locations across the United States, according to a company press release on Thursday. The company, based in Columbus, Ohio, confirmed that it will begin “going out of business” sales at its more than 900 stores.

An employee, who wished to remain anonymous at the Leesburg location, said that, while operations have continued as normal, they are finding out information as we are. They were unable to provide any information on an exact closing at this time, but employees are still holding out hope that Nexus Capital Management could potentially make a purchase of the fledgling retailer. Unless that happens, CNN has confirmed the remaining stores will close.

(An interior shot of a Big Lots location. They offered a lot of things at low competitive prices.)

Big Lots had initially planned to sell its assets to private equity firm Nexus Capital Management, but that deal is now unlikely to proceed. The company announced that it is still exploring other strategic alternatives, including continued discussions with Nexus, but the decision has been made to wind down operations in the meantime which is a gut punch to so many employees.

According to an article by PR Newswire, CEO of Big Lots 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 going out of business process.”

The retailer, known for offering bargain prices on furniture, lawn and garden supplies, apparel, health and beauty products, and other consumer goods, filed for bankruptcy protection in September. At that time, the company announced plans to sell its business to Nexus. However, as financial struggles persisted, Big Lots revealed plans in August to close up to 315 stores and, in October, announced additional closures of 56 locations across 27 states.

(Outside of the Leesburg Big Lots location. Photo Credit – Google.)

In recent years, Big Lots has branded itself as a destination for deal-seekers, marketing “bargains to brag about” on everything from home goods to pantry staples.

On a personal note, the employees at the Leesburg and Eustis locations are amazing people. They go above and beyond to help find the things you need. While Big Lots is a nationwide retailer, the local employees make it seem like a small town feel and for that I greatly appreciate everything that Big Lots has stood for over the many years they have been in Lake County. When I was struggling during the pandemic, Big Lots was a place where you could find cheap and bargain pricing while on a budget. I hope and pray for the employees that a buyer can be found but if this is the beginning of the end, I pray they find the right path forward as this retailer winds down operations.

Big Lots’ exit from the retail sector will leave a significant gap in the discount shopping market as far as big box in person stores go. You can find most of the items sold on Amazon these days. Retailers have found it hard to compete with the online giant. In recent years other big box stores to close recently have been Pier 1 Imports, Badcock Furniture, Kmart, Toys R Us, and Bed Bath & Beyond locations.