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Big Lots Prepares for 'Going Out of Business' Sales After Sale Deal Falls Through

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Retail,Bankruptcy,Going Out Of Business

Big 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.

Big Lots is preparing to go out of business. – Big Lots is preparing to go out of business.Thursday, the retailer announced that its anticipated sale to Nexus Capital Management fell through.

In response, Big Lots said it is preparing to host “going out of business” sales at all remaining stores. However, Big Lots said it remains hopeful and is continuing to work toward “completing an alternative going concern transaction with Nexus or another party.”“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,” said Bruce Thorn, Big Lots' President and Chief Executive Officer.

Big Lots said it is continuing to serve customers in stores and online for now and will provide further updates as they become available.

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