NEW YORK — 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.
A general view of the exterior of the North Bergen Big Lots store during the Big Lots Store Opening on Friday, Oct. 17, 2014 in North Bergen, N.J.
Bennett Raglin/AP Images for Big Lots
“We all have worked extremely hard and have taken every step to complete a going concern …