Big Lots, facing the collapse of its sale to Nexus Capital Management, is preparing to shut down all its remaining stores. The company will initiate 'going out of business' sales.
Big Lots is preparing to go out of business.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.
”“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,” 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
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