Major Idaho Retailer Closing All Stores After Merger Fails

From Hastings, Sports Authority and Sears to Shopko, Gordmans and Kmart, there are a lot of well known brands that no longer exist in Idaho. It appears that one more is about to join the list of brands that have closed every single one of their stores in the Gem State. 

In July, speculation started swirling that the popular bargain hunting destination, Big Lots, was in serious trouble. CBS News reported that the Ohio based retailer filed a document with the Securities and Exchange Commission saying that they had “substantial doubt” that they’d be able to continue the brand. In the first quarter of their fiscal year, the company reported a net loss of $205 million. At the time, CBS News thought 35-40 Big Lots stores would close. 

READ MORE: 13 Big Brands Closing Locations in Idaho in 2024

After that report, The Hill started counting “Closing This Location” banners on the brand’s website. They thought the number was closer to 90. 

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That’s why no one was surprised when Big Lots filed for bankruptcy on September 9. In the days to come, they published a list of 295 stores marked for closures with the majority of them to close for good before mid-January 2025. The Boise location was listed in the first round of cuts and has closed permanently. Pocatello was on a subsequent list of closures. That location is also permanently closed. Meridian location on Fairview was listed on another round of closures in late November. It’s still open until they sell out their inventory. 

That would’ve left three remaining locations in Coeur d’Alene, Idaho Falls and Lewiston.

Big Lots Sale Falls Through, Remaining Locations to Close

The Hill explains that the future of those stores were somewhat dependent on the sale of Big Lots’ assets and business operations to private equity firm, Nexus Capital Management. It looks like that’s not going to happen. 

On Thursday, December 19, Big Lots shared a press release that said they don’t anticipate completing the previously announced sale. While they said they’d continue to explore an alternative deal with Nexus or another party, the overall tone of the release seems like the company is pessimistic about its chances of selling by early January-2025. 

That’s why they say they’re preparing to start going out of business sales at ALL remaining Big Lots locations within a few days. The included the following statement from the company’s President and CEO: 

We all have worked extremely hard and have taken every step to complete a going concern sale. 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 GOB process.

That means if you’re a bargain hunter in CDA, Idaho Falls or Lewiston, you should be keeping an eye on those locations for a liquidation sale soon. It’s unlikely they’ll survive.

This is a developing story.