MILFORD, Del. - Big Lots said Thursday that it no longer anticipates being able to complete a previously announced agreement with a private equity group to salvage the company, according to NBC.
According to Big Lots, all locations across the country, including the store in Milford, will close and have sales up 50 percent off.
Back in September, the company filed for bankruptcy, citing several economic factors, including high inflation and interest rates leading customers to change their purchasing behavior.
On Dec. 28, according to NBC, Big Lots said it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Variety Wholesalers Inc. plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand.
Shoppers at the Milford Store, like Crystal Shear, are upset about the story closing.
"They have so many different items that you can't get in your regular store, so this is really a good store to shop for things like unique gifts and stuff like that. And also they usually have really really good prices so it's a little distraught." said Shear.
Jackie Brisco says she gets a lot of bang for her buck at Big Lots, especially during the holidays.
"That is my concern when a business closes, then you look at those people who have worked here probably for years. You look at those people and think 'Where are they going?'" said Brisco.