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Why Big Lots announced going out of business sales at remaining locations. What to know about closures in Tennessee

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Why Big Lots announced going out of business sales at remaining locations. What to know about closures in Tennessee


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Big Lots has closed over 400 stores in 2024 and has now announced going out business sales across its remaining locations.

On Thursday, Big Lots announced in a news release that it did not anticipate a sale to Nexus Capital Management going through. In this deal, Nexus Capital Management would have taken over Big Lots by early January helping the chain achieve financial stability.

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Here’s what to know about Big Lots closures in Tennessee.

Is Big Lots closing all its stores?

Big Lots does not have any plans to close all of its stores yet. The going out of business (GOB) sales are a way for the company “protect the value of its estate,” according to their statement. The goal is for the sales to allow Big Lots to continue being a company that is financially stable enough to meet obligations and continue business in the near future.

“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,” said Bruce Thorn, Big Lots’ President and Chief Executive Officer,

The company filed for Chapter 11 bankruptcy in September after announcing the original plan to close less than 50 stores in July. There have been over 400 stores announced for closure since then.

Which Big Lots stores in Tennessee are closing?

As previously reported by USA TODAY, the stores closing in Tennessee include two stores outside Nashville and one in northwest Tennessee. They are:

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There has been one store added to the closing list:

How many Big Lots are there in Tennessee?

There are a total of 47, soon to be 43, Big Lots stores across Tennessee. Locations include Chattanooga, Clarksville, Memphis, Knoxville and more. A complete list of Big Lots stores can be found at local.biglots.com/tn.

Why is Big Lots closing stores?

High inflation and interest rates are impacting Big Lots like many other stores. Additionally, a news release from the company said economic trends like customer spending on home and seasonal products, have affected the company’s revenue.

The company had previously reported that sales in the first quarter of 2024 fell more than 10% compared to the previous year. The company did perform better in the second quarter, yielding improved comp sales.

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“While the company’s underlying performance has been improving, the Board of Directors conducted a broad strategic review of alternatives and determined that entering into the Sale Agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations,” wrote Big Lots in the news release.



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Tennessee

Tennessee murder suspect arrested in Omaha

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Tennessee murder suspect arrested in Omaha


OMAHA, Neb. (WOWT) – A man accused of murder in Tennessee more than a year ago had his bond denied in Douglas County Court on Thursday.

Authorities in Omaha took 30-year-old Nigel Farmer into custody late Wednesday.

Nigel Farmer, 30(Shelby County Sheriff’s Office)

On Oct. 29 2024, deputies in Memphis found a 31-year-old woman shot and killed at a home. After deputies conducted an extensive investigation, Farmer was identified as the suspect.

He will remain in Nebraska while awaiting extradition, which he wavied in court Thursday.

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Dense fog then rounds of rain for Middle Tennessee

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Dense fog then rounds of rain for Middle Tennessee


NASHVILLE, Tenn. (WSMV) –

FIRST ALERT WEATHER DAY – TODAY

Widespread fog has developed across Middle Tennessee to start off our day with visibility dropping to less than half a mile in some areas. Prepare for a longer morning commute and use caution while driving through foggy areas.

We are also tracking some widespread rain that will move through this afternoon through our evening commute. At times the rain will come down heavy and could cause ponding on roadways. We’ll even get to hear a few rumbles of thunder but there is no severe weather threat. Rain wll taper off late this evening and into the overnight hours. Highs today will be in the mid 60s.

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FRIDAY FORECAST

More off and on rounds of showers will continue through our Friday. While we will certainly find some decent dry time, keep the umbrella handy and keep an eye to the sky. Yes there will be a few thunderstorms, but there is still no severe weather threat to be worried about. Highs on Friday will top off near 70. More scattered showers and storms will move in Friday night and lingering into early Saturday morning.

WEEKEND FORECAST

As mentioned above, a shower or two could lingering into Saturday morning, but most of us will stay dry as we try and break the clouds in the afternoon. It will be cooler Saturday afternoon with highs in the mid to upper 60s.

We’ll do a better job at getting sunshine back on Sunday with temperatures in the low 60s.

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NEXT WEEK

A dry and sunny start to our Monday, but clouds increase quickly in the afternoon with highs staying in the 60s.

Rain move in Monday night and through Tuesday with a few rumbles of thunder as well. A shower or two will linger into Wednesday before a shot of colder air around Thanksgiving



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Tennessee joins settlement against Greystar over ‘anticompetitive’ rent pricing scheme

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Tennessee joins settlement against Greystar over ‘anticompetitive’ rent pricing scheme


NASHVILLE, Tenn. (WKRN) — Tennessee has joined a multistate settlement proposal with the nation’s largest property management firm over allegations it unfairly rigged their prices for rental units.

According to Tennessee Attorney General Jonathan Skrmetti’s office, the proposed settlement with Greystar Management Services, LLC, resolves allegations of “anticompetitive practices that resulted in artificially-increased rents” for renters in Tennessee.

The property management giant reached a non-monetary settlement consent decree with 9 states, including Tennessee, according to the AG’s office.

An investigation from a bipartisan coalition looked into Greystar’s participation in an “algorithmic pricing scheme” that allowed multiple property management companies to share their supply and pricing data among each other through a service called RealPage.

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RealPage is a revenue management software utilized by many property management companies, including Greystar.

By sharing the sensitive renal data, the states alleged the property management companies were able to artificially inflate and align their rental prices, thus reducing competition in the multi-family residential rental market.

Greystar alone operates nearly 950,000 rental units nationwide, including more than 6,000 in Tennessee.

The AG’s office said the proposed settlement represents one step in broader enforcement efforts, as they continue to pursue legal action against RealPage and four other property management companies.

“Tennessee renters were stuck paying too much because property management companies shared information through the RealPage software to artificially inflate prices,” Skrmetti said in a release. “It’s not fair, it’s not right, and we are putting a stop to it by holding these companies accountable.”

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The proposed consent decree, if approved by the Court, would require Greystar to do the following:

  • Refrain from using any anticompetitive algorithm that generates pricing recommendations using its competitors’ competitively sensitive data or that incorporates certain anticompetitive features;
  • Refrain from sharing competitively sensitive information with competitors;
  • Accept a court-appointed monitor if it uses a third-party pricing algorithm that is not certified pursuant to the terms of the consent decree;
  • Refrain from attending or participating in RealPage-hosted meetings of competing landlords; and
  • Cooperate with the coalition’s claims against RealPage

Tennessee joined in the proposed settlement with California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, and Oregon, according to the attorney general.



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