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Big Lots is planning “going out of business” sales at all of its stores
Big Lots is preparing to close all of its stores, the bankrupt discount retailer said Thursday.
The company had previously planned to sell its assets to private equity firm Nexus Capital Management, but that deal is no longer expected to proceed, according to Big Lots. Although the company continues to negotiate with Nexus as well as explore other strategic alternatives, it now plans to shutter all of its locations and is planning to host “going out of business” sales at all stores.
Big Lots, which is based in Columbus, Ohio, and operates more than 900 locations across the U.S., sells furniture, lawn and garden, apparel, heath and beauty, and other consumer goods. Big Lots appeals to deal seekers, billing itself as a place that delivers “bargains to brag about on everything for the home, including furniture, décor, pantry and more.”
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots CEO Bruce Thorn said in a statement. “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.”
Big Lots filed for bankruptcy protection in September, saying it intended to sell its business to Nexus. In August, Big Lots announced its intention close up to 315 stores, and in October disclosed plans to shut down another 56 locations in 27 states.
U.S. retailers have announced more than 7,100 store closures through the end of November 2024, a 69% jump from the same time last year, according to recent data from research firm CoreSight. That comes as 45 retailers have filed for bankruptcy protection so far this year, compared with 25 retail bankruptcies for all of 2023, the report found.
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Swedish hip-hop star reportedly gunned down in parking garage in shooting captured on camera
Swedish police said Friday a man had been shot dead in a parking garage in the city of Norrkoping, with media identifying the victim as the rapper Gaboro, who reportedly had links to criminal gangs.
A video purporting to show the killing quickly spread on social networks. In the video, seemingly filmed with a camera worn by the shooter, a person carrying a handgun can be seen firing multiple shots in a car garage.
Police said they were aware of the video and that it was part of their investigation.
They said a man in his 20s, who had been found injured at the scene on Thursday morning, was later pronounced dead in hospital.
Police said in a statement that they were seeking information about a silver station wagon that may be connected to the case.
“The police are still working very intensively on the case, which is classified as murder,” the statement said.
Multiple media outlets reported that the man was the rapper Gaboro, whose songs have been streamed millions of times on Swedish music streaming giant Spotify.
Sweden has seen a rise in gang shootings and bombings linked to score-settling between rival groups, with police struggling to control the illicit drug market.
Several high-profile artists have previously been victims of the violence.
In June, 26-year-old rapper C.Gambino — whose real name is Karar Ramadan and is not to be confused with American rapper Childish Gambino — was killed in a shooting. He had been named the country’s hip-hop artist of the year the month before.
Another award-winning Swedish rapper, Einar, was shot and killed in Stockholm in a gang conflict in October 2021.
Nevertheless, police told Reuters this week that they were making headway in their effort to curb. deadly gang violence, resulting in fewer shootings and shooting deaths.
“This is the first time we have seen the trend pointing clearly downwards over an extended period of time,” Police National Operations Department head Johan Olsson told Reuters.
Last year, 53 people died in 363 shootings, which often took place in public and sometimes claimed the lives of innocent victims and passers-by.
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Government shutdown looms as plan backed by President-elect Trump fails in Congress
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How TSA and holiday travel could be affected by looming government shutdown
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