News Summary
Bargain Hunt, the popular discount retailer based in Nashville, has announced the closure of all 95 locations following a bankruptcy filing. The closures will affect stores across ten states including Tennessee, Mississippi, and Alabama. Going-out-of-business sales have already begun, offering discounts of up to 40% across a variety of items. The parent company, Essex Technology Group, has struggled with intense competition, financial losses, and supply chain issues, highlighting challenges in the retail sector. Local shoppers are encouraged to visit stores quickly to take advantage of final deals.
Hello Nashville: Your Bargain Hunt is Closing Its Doors
All good things must come to an end, and unfortunately, for bargain seekers out there, the beloved discount retailer โBargain Huntโ is winding down its business operations. Following a recent bankruptcy filing, the Nashville-based chain has announced that it will be shutting down all 95 of its locations spread across ten states.
This unfortunate news means that stores in Tennessee, Mississippi, Alabama, Arkansas, Georgia, Kentucky, North Carolina, Ohio, and South Carolina will also be affected by these closures. The company has already commenced its going-out-of-business sales, which kicked off on February 5. If you havenโt stopped by yet, you might want to hurry, as the deals are drawing in crowds!
Bargain Hunt is offering discounts of up to 40% off the lowest ticketed prices on all items in their stores. Expect to find a treasure trove of inventory, including apparel, shoes, toys, lawn and garden items, automotive supplies, pet products, home decor, and even store fixtures. With all sales being final, itโs a good idea to think carefully before purchasing.
What should you know about the gift cards? You can still use them for a short while longerโuntil February 12โso make sure to dig those out if you have any lying around. However, itโs important to note that discounts will only apply for in-store purchases; online shopping is not an option during this liquidation period.
A Market Weighing Heavy
Bargain Huntโs parent company, Essex Technology Group, has filed for Chapter 11 protection due to a myriad of financial pressures. Among the reasons cited for their challenges are intense competition from both online and brick-and-mortar retailers, high interest rates, inflation, and supply chain issues. A significant blow to the company was the termination of their deal with Amazon, which had been their primary supplier.
The financial outlook has certainly been grim, with Bargain Hunt racking up an eye-watering net loss of approximately $25.4 million for the fiscal year ending January 28, 2023, and another $21.8 million net loss for the following year. This paints a clear picture of the turbulent waters theyโve been navigating.
As the liquidation process rolls on, the management of this complex undertaking is in the capable hands of Hilco ConsumerโRetail and Gordon Brothers, working together in a joint venture. They have highlighted that loads of new merchandise are arriving at discounted prices, urging eager shoppers to visit stores quickly to snag the best selections before theyโre gone.
The liquidation will also involve 92 retail leases and a distribution center in Antioch, Tennessee, which are now slated for auction. This extensive scaling back marks a significant moment in the discount retail landscape.
The Beginning of the End in Discount Retailing?
Bargain Hunt has long prided itself on being an โextreme value retail chain,โ with prices typically ranging from 30% to 90% below standard retail prices. Sadly, their financial woes serve as a stark reminder of the challenges facing retailers today, especially in an era where e-commerce is king and traditional brick-and-mortar stores are battling to stay relevant.
As Bargain Hunt gears up to close its doors for good, locals and bargain hunters alike reflect on the retail chainโs role in their community. Itโs a bittersweet moment as shoppers rush in to nab last-minute deals, and store employees brace for the impending changes.
So, Nashville, if you have fond memories of hunting for bargains at your local Bargain Hunt, nowโs the time to grab some goodies before theyโre out of business for good!
Deeper Dive: News & Info About This Topic
- USA Today
- Tennessean
- CoStar
- Law360
- Newsweek
- Wikipedia: Bargain Hunt
- Google Search: Bargain Hunt Closures
- Google Scholar: Bargain Hunt Bankruptcy
- Encyclopedia Britannica: Bargain Hunt
- Google News: Bargain Hunt Store Closure
Author: STAFF HERE MEMPHIS WRITER
The MEMPHIS STAFF WRITER represents the experienced team at HEREMemphis.com, your go-to source for actionable local news and information in Memphis, Shelby County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the areaโwith deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Beale Street Music Festival, Elvis Week, and Memphis in May International Festival. Our coverage extends to key organizations like the Greater Memphis Chamber and the Memphis Convention & Visitors Bureau, plus leading businesses in logistics, healthcare, and music that power the local economy such as FedEx, St. Jude Children's Research Hospital, and AutoZone. As part of the broader HERE network, including HEREBristol.com, HEREChattanooga.com, HEREKnoxville.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
