Big Lots, the Columbus-based discount retailer, is preparing to close its remaining 963 locations after efforts to secure a buyer fell through. The company announced Thursday, December 19th that it would start “going out of business” sales at all locations in the coming days.
This development follows the collapse of a deal to sell “substantially all” of its assets to Nexus Capital Management. Initially announced in September, the agreement was expected to provide a lifeline for the bankrupt Big Lots. However, the retailer stated it no longer anticipates completing the transaction, though it remains open to negotiating with Nexus or other potential buyers to finalize a sale by early January.
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Big Lots CEO Bruce Thorn: “We have worked tirelessly to complete a going-concern sale…While we are still hopeful for an alternative transaction, we must begin the …