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.The retail chain also announced it does not anticipate completing a previously announced asset purchase agreement with Nexus Capital Management and will continue working toward an alternative sale with either Nexus or another company. Big Lots, Inc. hopes to have the sale completed by early January.
Big Lots launched Chapter 11 bankruptcy proceedings in early September to help facilitate the sale of "substantially all" of its assets to its "stalking horse bidder" Nexus Capital Management.The discount retailer said at the time that its board had concluded "entering into the Sale Agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations.
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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 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' 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 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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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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