National retailer Big Lots, which is based in Columbus, Ohio, announced Thursday that it will begin having Going Out of Business sales at all of its remaining stores.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots’ President and CEO Bruce Thorn said. “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.”in early September to help facilitate the sale of “substantially all” of its assets to its “stalking horse bidder” Nexus Capital Management.
In the second quarter, Big Lots generated $1.05 billion in net sales, an over 8% decline compared to the same three-month period last year. Its quarterly net loss was nearly $238.46 million.
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