MJP –
A retailer now launches a massive sale after closing 300 stores, with industry rumors suggesting the company is eyeing bankruptcy.
Big Lots is launching discounts for the Halloween season despite facing widespread store closures and rumors of an impending bankruptcy filing.
As October approaches, the retailer is offering significant deals on Halloween decorations, costumes, and more, according to an August press release.
The company announced it purchased approximately $11 million worth of items from a well-known national party supply retailer’s overstock, promoting this as the “biggest extreme bargain Halloween closeout ever.”
Discounts will range from 50% to 70% off across various categories, including indoor and outdoor decorations, costumes for adults, children, and pets, as well as trick-or-treat supplies and apparel.
Big Lots aims to establish itself as the “nation’s largest discount Halloween retailer” this year, with CEO Bruce Thorn highlighting that “truckloads” of Halloween merchandise are arriving weekly.
He stated, “Our ongoing efforts to find high-demand products at unbeatable prices are accelerating,” making this Halloween season the biggest yet for the retailer.
However, these deals are only available in-store and for a limited time, prompting shoppers to act quickly.
These Halloween promotions follow a recent event during National Bargain Hunting Week, where Big Lots offered discounts of up to 85% from August 12 to 18.
The retailer encouraged customers to sign up for its BIG rewards program to access more daily deals and to share their purchases using a “Brag on the Tag” filter.
The announcement of these sales comes after Big Lots confirmed plans to close at least 315 stores across 35 states, which represents about 22% of its 1,389 U.S. locations.
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California will experience the most closures, with 75 stores shutting down, leaving only 34 remaining.
These closures stem from inflation impacting consumer spending habits, as noted in a summer filing with the Securities and Exchange Commission (SEC).
The filing also expressed “substantial doubt about the company’s ability to continue,” highlighting financial struggles, including declining sales and approximately $573 million in long-term debt.
While concerns about bankruptcy persist, Big Lots is committed to making quick improvements, and the Halloween promotions are part of its strategy for recovery.
The company plans to enhance its liquidity and improve overall business performance.
Shoppers have already begun to notice closures, including one in a major mall, leading to some dissatisfaction.
Additionally, some customers criticized the retailer for seemingly “celebrating” its closures with promotional events.
