Big Lots is preparing to close all of its stores, the bankrupt discount retailer said Thursday. The company had previously planned to sell its assets to private equity firm Nexus Capital Management, but that deal is no longer expected to proceed, according to Big Lots. Although the company continues to negotiate with Nexus as well as explore other strategic alternatives, it now plans to shutter all of its locations and is planning to host 'going out of business' sales at all stores.
''We all have worked extremely hard and have taken every step to complete a going concern sale,' Big Lots CEO Bruce Thorn said in a 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 process.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big Lots to start 'going out of business' sales at its remaining locationsBig Lots is preparing to close its remaining 963 locations after a sale to save the bankrupt retailer fell through.
Source: KSLcom - 🏆 549. / 51 Read more »
Big Lots to start holding 'Going out of Business' sales at remaining locationsBig Lots announced it will likely not complete its purchase agreement to sell off its assets as part of a Chapter 11 bankruptcy, and is holding Going Out Of Business sales now.
Source: FOX4 - 🏆 289. / 63 Read more »
Big Lots preparing going-out-of-business sales at all remaining locationsBig Lots announced on Thursday it would be beginning going-out-of-business (GOB) sales at all remaining locations across the United States.
Source: ksatnews - 🏆 442. / 53 Read more »
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.
Source: wsfa12news - 🏆 338. / 59 Read more »
Big Lots will start having 'going out of business' sales as all stores set to closeBig Lots is continuing to close stores across the U.S. as it navigates Chapter 11 bankruptcy, but some locations may be spared.
Source: WEWS - 🏆 323. / 59 Read more »