Big Lots Store Closing Sale, Proposed Tariffs, and Consumer Confidence

Originally published December 23, 2024. This version was rebuilt from the Gordon Brothers and Big Lots releases, the president-elect's tariff statements and The Conference Board for the FIN archive, and the facts are as of that date.

Two days before Christmas 2024, a large discount furniture seller began liquidating, tariff plans loomed over 2025 orders, and consumers grew less hopeful about the year ahead.

The short version

• Gordon Brothers said store closing sales began at all 869 Big Lots locations.
• The president-elect had threatened a 25% tariff on Canada and Mexico and an additional 10% on China.
• The Conference Board's Consumer Confidence Index fell 8.1 points to 104.7.

Big Lots closing sales

Days after Big Lots said it no longer anticipated closing its sale to Nexus, Gordon Brothers, Hilco Consumer-Retail and Tiger Capital Group began store closing sales at all 869 Big Lots locations. Shoppers were offered up to 25% off original prices, with sales in stores only and all sales final.

Big Lots carried furniture, mattresses and home decor alongside toys and seasonal goods. A national liquidation added discounted furniture to the market during the holidays and into January.

Update. In January 2025 Gordon Brothers completed the purchase of Big Lots and a going-concern sale that kept hundreds of stores in operation.

Proposed tariffs

On November 25 the president-elect said he would sign an order on his first day imposing a 25% tariff on all products from Mexico and Canada, and separately said he would charge China an additional 10% tariff above existing duties.

Furniture importers spent December deciding whether to pull orders forward, shift sourcing or hold prices. All three countries supply parts and finished goods to U.S. furniture companies.

Update. Duties on China took effect in February 2025, and the Supreme Court ruled on February 20, 2026 that IEEPA does not authorize these tariffs.

Consumer confidence pulls back

The Conference Board said its index declined by 8.1 points to 104.7 in December. The Present Situation Index fell 1.2 points to 140.2, and the Expectations Index dropped 12.6 points to 81.1, just above the threshold of 80 that usually signals a recession ahead.

The board's chief economist said consumers were substantially less optimistic about future business conditions and incomes. Weaker expectations are a warning sign for big-ticket purchases like furniture.

Outlook

The industry headed into 2025 with a major competitor liquidating, tariff plans unresolved and shoppers less sure about the year ahead.

Related on FIN

• Every Door in Town
• Furniture Shoppers Are Holding Back

Sources

• Gordon Brothers, Store closing sales begin at all Big Lots locations (Dec. 23, 2024)
• Big Lots, Inc., Update on court-supervised process (Dec. 19, 2024)
• Gordon Brothers, Completes Big Lots purchase (Jan. 2025)
• The American Presidency Project, Statement threatening 25% tariffs on Canada and Mexico (Nov. 25, 2024)
• The American Presidency Project, Statement threatening 10% tariffs on China (Nov. 25, 2024)
• The White House, Executive Order 14195 (Feb. 1, 2025)
• Supreme Court of the United States, Learning Resources, Inc. v. Trump (Feb. 20, 2026)
• The Conference Board, US consumer confidence pulled back in December (Dec. 23, 2024)