The discount retailer will begin"going out of business" sales, or"GOB" sales, at its 963 remaining stores ahead of the closures.Big Lots is preparing to close all of its remaining locations after filing for bankruptcy three months ago, it announced in ain September and closing 400 of its locations around the country, the Columbus, Ohio-based company announced it anticipated selling its remaining assets and business operations to private equity firm Nexus Capital Management.
Big Lots president and CEO Bruce Thorn said in the release that the company is still seeking out other sale options with the hope of completing a deal by January. The release also said the company does not anticipate that the GOB sales will inhibit any potential future asset deals."We all have worked extremely hard and have taken every step to complete a going concern sale," Thorn said.
Big Lots is one of the many businesses across the country which have filed for bankruptcy in 2024, which saw a 16.2% increase in filings compared with the previous year, according to the, up from 25 in 2023. Over 7,300 store closures have been reported this year to date, led by Family Dollar , CVS and Big Lots .
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Big Lots to Begin 'Going Out of Business' Sales After Bankruptcy FilingBig Lots, a discount retailer, will start 'going out of business' sales at its remaining stores. This comes after the company filed for bankruptcy and failed to complete a sale to Nexus Capital Management. Big Lots CEO Bruce Thorn stated that the company is still pursuing other sale options and hopes to finalize a deal by January.
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Big Lots to Begin 'Going Out of Business' Sales as Sale Falls ThroughDiscount retailer Big Lots will initiate 'going out of business' sales at its remaining 963 stores, following the collapse of its planned sale to Nexus Capital Management. The company, facing bankruptcy, hopes to secure an alternative deal by January.
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Big Lots to Begin 'Going Out of Business' SalesBig Lots, facing closure after bankruptcy, will initiate 'going out of business' sales at its remaining stores. The retailer is actively seeking alternative sale options but may proceed with closures if a deal is not reached.
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Big Lots Prepares for 'Going Out of Business' Sales After Sale Deal Falls ThroughBig Lots announced Thursday that its anticipated sale to Nexus Capital Management has fallen through. As a result, the retailer is preparing to host 'going out of business' sales at all remaining stores. However, Big Lots remains hopeful and is continuing to work towards completing an alternative transaction with Nexus or another party.
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Big Lots Prepares for 'Going Out of Business' Sales After Sale Falls ThroughBig Lots, facing the collapse of its sale to Nexus Capital Management, is preparing to shut down all its remaining stores. The company will initiate 'going out of business' sales.
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Big Lots Prepares for 'Going Out of Business' Sales After Sale Falls ThroughBig Lots, the discount retailer, is preparing for a potential closure after its planned sale to Nexus Capital Management collapsed. The company announced it will initiate 'going out of business' sales at its remaining stores while continuing negotiations with Nexus or other parties to find an alternative solution.
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