An 'extreme value retail chain' with 92 stores goes bankrupt after slate of bargain shop closures
Another discount retailer has fallen victim to the ongoing retail apocalypse.
The parent company of Bargain Hunt - which operates 92 stores across the Midwest and Southwest - filed for bankruptcy this week amid growing debts.
All stores dotted across ten states will close once stock has been sold off, with discounts starting at 40 percent off
It comes after the collapse of rival 99 Cents Only a year ago, and the near-demise late last year of Big Lots, whose stores numbers have been decimated after bankruptcy. Like Bargain Hunt, they have faced competition from cheap online sellers like Shein and Temu.
Bargain Hunt operates stores in Tennessee, Alabama, Arkansas, Georgia, Indiana, Kentucky, Mississippi, North Carolina, Ohio, and South Carolina.
The company calls itself an 'extreme value retail chain' and offers thousands of buyout and overstock products, including food, drinks, toiletries, cleaning products plus furniture.
'Stores are stocked, and new merchandise continues to arrive at deeply discounted prices,' said Ian Fredericks, CEO of Hilco Consumer, the company operating the closures.
'We recommend shopping immediately for the best selection as this sale won’t last long.'
Bargain Hunt, a chain of low-cost goods, is shutting down all locations
Bargain Hunt, owned by Essex Technology Group, said its products were already marked down '30 to 70 percent' before the liquidation sales.
A final day has not been released for the 92 stores, but the company said locations 'are set to close by the end of February 2025.'
Bargain Hunt joins a growing list of bargain stores that has filed for bankruptcy or announced a slate of closures in the past year.
Well-loved brands, including Party City, Big Lots, and Dirt Cheap, announced they were officially closing all locations as in-store foot traffic dwindled and product costs rose with inflation.
Party City's CEO, Barry Litwin, announced the stores would be closing in an all-hands video conference call in December. He had taken over as the chief executive just four months earlier.
'That is without question the most difficult message that I've ever had to deliver,' Litwin said to his employees.
A list of other iconic brands have also seen a massive cutdown in their store headcounts.
Budget retailer Big Lots launched a 'going out of business' sale after declaring bankruptcy in September 2024.
Ian Fredericks, the CEO of Hilco Consumer, advised shoppers to rush into stores
Bargain Hunt sold products ranging from food to children's toys
The retailer said all products are now marked down for liquidation
The chain operated 963 locations when it announced the closures.
Dirt Cheap shuttered 66 stores after declaring bankruptcy in May 2024.
Other iconic retailers are also feeling the pain of shoppers switching to online orders and cut back on spending. Macy's, Dollar Tree, and TGI Fridays have all announced store closings in the past couple months.
Many stores cited rising prices as headwinds.
New policies out of the federal government could continue the trend of rising prices, economists have warned.
Price shocks resulting from President Trump's tariffs could either shrink the margins for struggling companies or raise prices on consumers.
The President was about to launch tariffs on Canada, Mexico, and China in early 2025.
So far, he has only launched the Chinese tariffs, while postponing the taxes on Canadian and Mexican goods during continued negotiations.
