The discount retailer Big Lots Inc. has announced it will begin going out of business (GOB) sales at all its remaining stores.
The company, which declared bankruptcy in September, issued a statement that declared it did not anticipate completing its asset purchase agreement with the private equity firm Nexus Capital Management, “though it continues to work toward completing an alternative going concern transaction with Nexus or another party.” The company added that it was hoping to complete a sale by early January.
Big Lots currently operates 963 stores nationwide.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said President and CEO Bruce Thorn. “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.”
