THE shopping landscape is about to change giving customers fewer options.
Big Lots and Party City announced they’re “going out of business” and closing shop for good.
Party City is closing all it stores across the US for good[/caption]
Big Lots has started its “going out of business” sales[/caption]
The news comes after both chains struggled to stay alive in a competitive retail landscape.
Meanwhile, The Container Store filed bankruptcy just days before the Christmas holiday, but promises to stay open.
All three retailers have amassed debt and despite the holiday shopping season as a time when stores can see a boost in sales, it’s not going to be enough for at least two.
BIG LOTS
Big Lots, the discount retail chain which started in 1967, made the announcement Thursday that it will begin “Going Out of Business” sales at all its stores.
Big Lots filed for bankruptcy in September and was hoping to sell its assets but that deal has stalled and now the company does not anticipate any sale.
At the time of the filing, Big Lots planned to close about 545 stores to reduce its footprint.
Now, the retailer made the decision to close all 963 stores just three month after going bankrupt.
Big Lots states on its website that location closures will depend on remaining inventory.
PARTY CITY
The party’s over at Party City as the nationwide chain said it was going out of business and closing all 750 locations.
The news is a blow to customers who are left with fewer choices for one-stop party supply shopping.
Party City filed for bankruptcy in January 2023 and emerged from Chapter 11 in October 2023 with about $1 billion less debt.
On Friday, December 20, 2024, Party City announced it was closing all its stores after nearly 40 years in business.
A day later, it filed for bankruptcy for a second time.
Most locations are slated to close in February or March 2025, depending on how much product is remaining to sell.
THE CONTAINER STORE
A day after Party City filed for Chapter 11, The Container Store filed bankrutpy on December 22.
Unlike Big Lots and Party City, the storage and organization chain said all of its 102 locations will continue to remain open.
The Container Store filed for bankrutpcy but vows to remain open[/caption]
US braces for ‘45,000 store closures’
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
Chains such as Foot Locker, Sally Beauty, Tuesday Morning, Shore City, Z Gallerie, and Mitchell Gold + Bob Williams have all gone out of business.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
In court filings, the 46 year old company stated it’s accumulated $243 million in debt, but its CEO confirmed in a statement, “The Container Store is here to stay.”
The company said all stores and its website will continue to operate as normal.
Customers who put deposits on ordered will be honored and delivered.
The U.S. Sun has more on Party City’s CEO admitting he did “everything possible” to avoid closure.
Plus, a deeper dive into The Container Store’s latest bankruptcy.
Big Lots and Party City announced they’re going out of business[/caption]
