BIG LOTS ANNOUNCES THEY’RE GOING OUT OF BUSINESS
Gray News) – Big Lots is preparing to go out of business.
In a news release Thursday, the retailer announced that its anticipated sale to Nexus Capital Management fell through.
In response, Big Lots said it is preparing to host “going out of business” sales at all remaining stores.
However, Big Lots said it remains hopeful and is continuing to work toward “completing an alternative going concern transaction with Nexus or another party.”
Big Lots said its goal is to complete a sale by early January.
“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 [‘going out of business’] process,” said Bruce Thorn, Big Lots’ President and Chief Executive Officer.
Big Lots said it is continuing to serve customers in stores and online for now and will provide further updates as they become available.
