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.

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:

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.

“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.

TSU and HBCUs represent America’s promise that education can change lives and build a more equitable future for everyone.

At the Dec. 16th State Building Commission meeting, calls were made for more layoffs, selling university property, and declaring financial exigency at Tennessee State University (TSU).

TSU’s leadership responded that “all options are on the table” – a deeply troubling stance.

Financial exigency – akin to bankruptcy reorganization – should be a tool of absolute last resort. Prematurely invoking it would harm the university’s credibility, reputation, and ability to serve its students.

During my tenure as interim president, my team and I developed a financial model that charted a clear path to restore TSU’s financial stability within a few years.

This plan provided a viable alternative to punitive measures like financial exigency, which I firmly believe would jeopardize TSU’s long-term mission.

Despite the challenges, I remain hopeful. TSU can and must be saved because historically Black colleges and universities (HBCUs) matter now more than ever.

Why HBCUs like TSU are essential

I have spent much of my career at the intersection of finance and higher education, leading turnarounds at Clark Atlanta University, Kentucky State University, and Tennessee State University.

I also helped establish the HBCU Executive Leadership Instituteto prepare future leaders. This work has shown me the unmatched power and promise of HBCUs.

HBCUs are not just institutions of higher learning; they are beacons of opportunity that have anchored communities, fueled America’s progress, and uplifted generations. Since the first HBCU was founded in 1837, they have provided pathways to education and social mobility for learners, often excluded from traditional systems.

TSU embodies this mission with a unique combination of responsibilities:

• An HBCU legacy of access and impact.
• A Land Grant Institution supporting agricultural and economic development.
• An R2 Carnegie Classification for research and innovation—one of only 11 HBCUs to achieve this designation.
• A Regional Comprehensive University serving as Nashville’s public university.

Opinion: Tennessee State University is underfunded and was poorly run. Both can be true

Few universities carry this weight, and TSU has stood as a vital engine of progress since 1912.

Consider the contributions of HBCUs

HBCUs are engines of impact across all areas of society:

• Arts & Culture: From literary pioneers like Langston Hughes to TSU alumna Oprah Winfrey, HBCUs have shaped culture, creativity, and storytelling worldwide.
• Economic Empowerment: HBCUs generate $16.5 billion annually in economic impact, creating jobs and driving local economies. Combined as a company, they would rank among the top 50 Fortune 500 employers.
• Education & Research: HBCUs confer 17% of bachelor’s degrees earned by Black students despite being only 3% of all institutions. TSU’s research leads to advancements in agriculture, engineering, and science.
• Health & Well-Being: HBCUs produce a disproportionate share of Black doctors, nurses, and health professionals, addressing disparities in underserved communities.
• Innovation & Entrepreneurship: HBCUs foster leaders and innovators, empowering graduates to launch businesses, solve problems, and create societal change.

Challenges facing TSU and public HBCUs

Despite these extraordinary contributions, HBCUs like TSU face systemic barriers: decades of underfunding, structural misalignment, and rising external pressures. Inflation, declining enrollment, and the FAFSA rollout delay have further strained resources.

TSU, for instance, has endured a 23% enrollment drop, with inefficiencies in financial aid systems and affordability concerns compounding the challenge.

At the same time, the burden of historic underfunding cannot be ignored; reports from the U.S. Department of Education estimate Tennessee owes TSU $2.1 billion in underfunded land-grant appropriations. 

The Governor and General Assembly have acknowledged $544 million owed, and recent steps have been taken to address this. However, far more is required to close the gap and secure TSU’s future.

A path forward: Valuing and futureproofing HBCUs

Perception drives action. HBCUs must no longer be viewed as struggling institutions but as vital engines of progress that drive America’s success. Futureproofing HBCUs will require:

• Equitable Investment: Address historic funding gaps and provide operational resources, not just infrastructure dollars.
• Financial Sustainability: Align expenditures with revenue, unlock new funding sources, and optimize resources.
• Student-Centered Innovation: Modernize enrollment systems, expand financial aid access, and ensure student affordability.
• Elevating the HBCU Identity: Redefine the HBCU brand to honor its legacy while advancing a future-focused mission.

Why TSU must be saved

TSU transforms lives, strengthens communities, and fuels Tennessee’s economy.

It is a gateway to opportunity for first-generation and underserved students and a driver of innovation, agriculture, and research.

TSUs and HBCUs matter. They represent America’s promise that education can change lives and build a more equitable future for everyone.

When TSU thrives, Tennessee thrives. When HBCUs thrive, America thrives.

Ronald A. Johnson, Ph.D., is the former interim president of Tennessee State University

Former Tennessee defensive back Jordan Matthews committed to Vanderbilt on Wednesday. He’s the second Tennessee transfer to announce a commitment to a new school, following Kaleb Webb, who committed to Maryland on Wednesday.

Matthews, a redshirt freshman from Baton Rouge, La., appeared in 12 games this season as a reserve defensive back and special teams player, recording 3.0 tackles and breaking up two passes.

He broke up both passes in the season-opening win over Chattanooga on August 31, recorded two tackles against Kent State on September 14 and had one tackle against the Mocs.

BREAKING: Tennessee transfer CB Jordan Matthews has Committed to Vanderbilt, he tells @on3sports

The 6’2 190 CB will have 3 years of eligibility remaining

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Top 15 CB in the ‘23 Class (per On3)https://t.co/RlUbB6Fk7q pic.twitter.com/0c8Q3v2F3h

— Hayes Fawcett (@Hayesfawcett3) December 19, 2024

Jordan Matthews was a four-star recruit in 2023

Matthews was a four-star prospect in the 2023 class. He was ranked No. 143 overall, No. 16 at corner and No. 7 in the state of Louisiana, out of Woodlawn High School in Baton Rouge. He picked Tennessee over LSU, Texas and Michigan.

The Vols have added one player out of the portal so far, getting Arizona offensive lineman Wendell Moe on Wednesday. Moe started 27 games over three seasons at Arizona. He was named All-Pac-12 second team in 2023 as a redshirt freshman and played 760 snaps this season.

Matthews is one of eight Vols that have entered the NCAA Transfer Portal since the portal window opened, and is the first to announce his commitment to a new school. 

Tennessee players in NCAA Transfer Portal won’t play for Vols in playoff

Other Tennessee players that have entered the NCAA Transfer Portal so far include receivers Kaleb Webb, Chas Nimrod and Nathan Leacock, freshman linebacker Jalen Smith, redshirt freshman defensive back Jordan Matthews, sophomore running back Khalifa Keith and freshman offensive lineman Vysen Lang. 

Webb initially committed to Wake Forest last week, but after the retirement of Wake coach Dave Clawson, he switched his commitment to Maryland.

Head coach Josh Heupel said on Monday that Tennessee players that have or are entering the portal will not play for the Vols at Ohio State Saturday night in the first round of the College Football Playoff at Ohio Stadium in Columbus. Kickoff is scheduled for 8 p.m. Eastern Time on ABC/ESPN.

Tennessee last offseason lost 13 players to the NCAA Transfer Portal and added 10 players out of the portal, including tight ends Miles Kitsleman (Alabama) and Holden Staes (Notre Dame) and defensive backs Jermod McCoy (Oregon State) and Jalen McMurray (Temple). The Vols also added Lance Heard (LSU) at offensive tackle and Jaxson Moi (Stanford) on the defensive line.