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National retailer Big Lots, which in Columbus, Ohioannounced Thursday that it will begin Going Out of Business (GOB) sales at all of its remaining stores.
The retail chain also said it does not anticipate completing the previously announced asset purchase agreement with Nexus Capital Management and will continue to work toward an alternative sale with Nexus or another company. Big Lots, Inc. hopes to complete the sale by early January.
Without setting a deal, the company will begin selling GOB to protect its asset value.
“We've all been working very hard and taking every step to complete a successful sale,” said Bruce Thorne, president and CEO of Big Lots. Although we hope to be able to close an alternative going concern deal, in order to protect the value of Big Lots' assets, we have made the difficult decision to initiate the GOB process.
Lots of doors for over 50 retail locations
A close-up view of the Big Lots store in Los Angeles, California, United States, on Saturday, September 7, 2024. (Eric Thayer/Bloomberg via Getty Images/Getty Images)
Big Lots did not immediately respond to questions from FOX Business seeking comment on the matter.
Big Lots launched Chapter 11 bankruptcy proceedings in early September to help facilitate the sale of “substantially all” of its assets to “stalking horse bidder” Nexus Capital Management.
particle for direct object Discount retailer It said at the time that its board had concluded that “entering into a sale agreement with Nexus, and beginning a court-supervised sale process, is the best way to maximize value and ensure continued operations.” Nexus must be the winning bidder in the court-supervised auction for the deal to close.
Major bankruptcy filings close some stores amid sales to investment firms
Carle Place, NY: Big Lots store in Carle Place, New York on July 23, 2024. (Howard Schnapp/Newsday RM via Getty Images/Getty Images)
Before filing Chapter 11Big Lots told the SEC it planned to close 35-40 stores, which quickly grew to hundreds. The retailer has about 1,400 stores across the United States and employs more than 30,000 people.
In September's Season 11 filing, Big Lots announced that more stores would be closing, and in October it announced that another 50 stores would close.
The discount retailer is known for selling home goods, furniture, seasonal decorations and other products.
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In the second quarter, Big Lots had net sales of $1.05 billion, down more than 8% compared to the same quarter last year. Its quarterly net loss was nearly $238.46 million.
Pilar Arias of FOX Business contributed to this report.