Big Lots is preparing to start liquidation sales at its remaining stores, including the last location in Tacoma, Washington, after a planned buyout deal with Nexus Capital Management failed to materialize. The retailer announced this decision in a news release, indicating that while alternative transactions might still be explored, it must begin closing operations to protect its assets. CEO Bruce Thorn praised the hard work of employees in trying to finalize a sale but emphasized the necessity of commencing the going-out-of-business process. The economic environment, characterized by inflation and high interest rates, has led to a significant decline in consumer spending, severely impacting Big Lots' business. Currently, only six stores remain operational in Washington, down from 26 earlier this year.

These closures will affect customers who depend on Big Lots for affordable goods, as it was the last remaining store in Pierce County. This situation reflects the broader challenges facing the retail sector as many businesses struggle to adapt to changing economic conditions. Customers can expect updates regarding the liquidation process in the coming days.