Big Lots is preparing to begin “going out of business” sales across all its stores nationwide, the company announced Thursday.
The decision follows the company’s Chapter 11 bankruptcy filing in September and the subsequent collapse of a proposed sale to Nexus Capital Management LP.
In a press release issued Thursday, Big Lots confirmed that it does not anticipate completing its asset purchase agreement with Nexus Capital Management.
Consequently, the company is “preparing to commence going out of business (GOB) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate,” according to the release.
The company did not provide a timeline for exactly when those sales would begin or how long they would last.
In the release, Big Lots said it “continues to work toward completing an alternative going concern transaction” with Nexus or another party, with the goal of completing a sale by early January.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Bruce Thorn, President and CEO of Big Lots, said in the release. “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.”
The Owensboro Big Lots store is located at 4610 Frederica Street in the Towne Square North shopping center.
A local store employee said they were not authorized to comment and referred Owensboro Times to the Big Lots Public Relations team. OT is awaiting a response from a PR representative.
