Big Lots is starting 'going out of business' sales at all of its remaining stores across the United States after a possible deal to sell the company to Nexus Capital Management fell through.The company says it will continue to effort an 'alternative going concern transaction' with Nexus or another company, but with no deal in sight, it is beginning the 'GOB process.
' Bruce Thorn, Big Lots' President and Chief Executive Officer, said, 'We all have worked extremely hard and have taken every step to complete a going concern sale. 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.'The company has previously closed several locations as it went through the bankruptcy process, though some locations appear to remain open, according to Big Lots' website. It's unclear how long the remaining locations would stay open if a sale is not complete.
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