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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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 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 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 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 Announces 'Going Out of Business' Sales as Sale Deal Falls ThroughDiscount retailer Big Lots will begin 'going out of business' sales at its 963 remaining stores following the collapse of a potential sale to Nexus Capital Management. The company filed for bankruptcy in 2024 and previously closed 400 locations.
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