National retailer Big Lots says it will begin holding going-out-of-business sales at its remaining stores because it still has not found a buyer to boost it from bankruptcy.released Thursday, however, it said it is holding the going-out-of-business sales to protect the value of the company. It previously was in talks with Nexus Capital Management to purchase it, but that deal has fallen through, the retailer said.
"We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots CEO Bruce Thorn said in the company's statement."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."
A going concern deal is when a corporation up for sale is able to show that it still has enough resources to continue operating indefinitely, and does not need to be liquidated.and closing stores. It still has more than 900 remaining.
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