News Formal

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

  • 📰 wsfa12news
  • ⏱ Reading Time:
  • 35 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 59%

Business News

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.

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:

 /  🏆 338. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ollie's Bargain Outlet Continues Expansion with Acquisition of Big Lots LocationsOllie's Bargain Outlet is expanding its footprint with the acquisition of more Big Lots locations. This move comes as Big Lots faces bankruptcy and closures. Ollie's has strategically acquired stores that align with its business model and target market.
Source: BestLifeOnline - 🏆 533. / 51 Read more »