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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