
Big Lots has faced financial difficulties in recent years, with a significant decline in sales and revenue. The company's struggles have led to concerns about its ability to continue as a going concern.
The concept of a going concern is crucial in accounting, as it refers to a company's ability to remain solvent and continue operating for the foreseeable future. Big Lots' financial reports have consistently highlighted its struggles to meet this standard.
According to its financial statements, Big Lots has experienced a decline in same-store sales, which has led to a decrease in revenue. This decline is attributed to various factors, including increased competition and changing consumer behavior.
The company's liquidity crisis has also been a major concern, with its current ratio and quick ratio indicating a lack of cash and short-term assets to cover its short-term liabilities.
Additional reading: Big Lots Stock Symbol
Big Lots Going Out of Business
Big Lots is conducting going-out-of-business sales at its remaining locations after a sale of the company fell through.

The company filed for Chapter 11 bankruptcy protection in early September and said it would close all remaining stores by early January.
Big Lots was founded in 1967 as Consolidated International and emerged as Odd Lots/Big Lots in 1982, one of the nation's early discount retailers.
The chain had over 1,500 stores but started closing some of them in June, accelerating the closings this fall.
As of late November, Big Lots had announced it was closing over 400 stores, leaving less than 1,000 stores in the chain.
Big Lots' president and CEO Bruce Thorn said the company will continue to pursue a buyer, but in the meantime, it will start going-out-of-business sales at its remaining locations.
The company is offering discounts of up to 50% on the entire assortment at its stores.
Big Lots' distribution center on Phillipi Road was closed in October, eliminating nearly 400 jobs.
The chain's goal is to complete a sale by early January, but if that doesn't happen, all remaining stores will close.
Article Structure

Big Lots' financial statements reveal a complex picture of the company's financial health.
The company's operating segments, which include Furniture, Seasonal, and Hardlines, account for the majority of its sales.
Big Lots' revenue has been steadily increasing over the years, with a notable jump in 2020 due to the COVID-19 pandemic.
The company's gross margin has been declining since 2018, indicating a decrease in its ability to maintain prices and profitability.
Big Lots' liquidity is a concern, with a current ratio of 1.14 in 2020, indicating it may struggle to meet its short-term obligations.
The company's long-term debt has been increasing, reaching $1.3 billion in 2020, which may impact its ability to invest in the business.
Frequently Asked Questions
What's going on with Big Lots?
Big Lots has reached a deal to be sold to Gordon Brothers Retail Partners, securing the future of hundreds of its stores and distribution centers. The sale comes after the discount chain filed for bankruptcy protection in September.
Sources
- https://www.citizen-times.com/story/news/local/2024/12/23/big-lots-going-out-of-business-sales-66-nc-stores-closing/77174510007/
- https://www.nbcchicago.com/news/business/big-lots-announces-going-out-of-business-sales-at-all-remaining-locations/3628815/
- https://www.retaildive.com/news/big-lots-close-315-stores/723293/
- https://www.dispatch.com/story/business/2024/12/19/big-lots-closing-bankruptcy-columbus-ohio-stores/77090654007/
- https://blavity.com/big-lots-stories-closing
- https://www.insideindianabusiness.com/articles/big-lots-conducts-going-out-of-business-sales-after-sale-of-company-falls-through
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