(WNY News Now) – Big Lots, a nationwide retail chain, has announced that all of its remaining locations will be holding going out of business sales after its planned asset purchase agreement seemingly fell through.
COLUMBUS, Ohio — Big Lots, Inc., one of the nation’s leading closeout retailers, has announced a significant update in its ongoing court-supervised restructuring process. The company revealed it no longer anticipates finalizing its previously announced sale to Nexus Capital Management but is actively pursuing an alternative transaction to keep its operations afloat.
Amid these developments, Big Lots is preparing to initiate going out of business (GOB) sales at all its remaining store locations. This decision is intended to preserve the value of its estate as it works toward a potential sale by early January.
Bruce Thorn, Big Lots’ President and Chief Executive Officer, said, “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.”
The company assured customers that both in-store and online services will continue uninterrupted for the time being.
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