New York (CNN) — Big Lots is preparing to close its remaining 963 locations after a sale to save the bankrupt retailer fell through.
The company previously announced it was selling “substantially all” of its assets to private equity firm Nexus Capital Management in September, but Big Lots said in a statement Thursday it “does not anticipate completing” the transaction.
As a result, Big Lots is starting its “going out of business” sales at all remaining locations in the coming days. However, it still plans to explore other options to save the company, including negotiating with Nexus or another buyer, with the aim of completing a sale by early January.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots CEO Bruce Thorn said in a press release. “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the …