This year has been a remarkably tough period for a decades-old bargain retailer. Shortly after declaring bankruptcy and closing a significant portion of its stores, the company is launching massive closeout sales and preparing to potentially go out of business.
The company is trying to work out an alternative purchase agreement with Nexus or another company and aims to complete a sale by early January. In the meantime, Big Lots is kicking off GOB sales “to protect the value of its estate,” according to a press release. He added: “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.'
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