(WNY News Now) Following the apparent collapse of its planned asset purchase agreement, Big Lots, a national retail giant, has announced that all of its remaining sites will be hosting going out of business specials.
Columbus, Ohio One of the top closeout stores in the country, Big Lots, Inc., has revealed a major development in its current court-supervised reorganization process. The business disclosed that it is actively seeking a different deal to keep its operations afloat and no longer expects to complete its previously announced sale to Nexus Capital Management.
Big Lots is getting ready to start going out of business (GOB) sales at all of its remaining store locations in light of these developments. As it prepares for a possible sale by early January, this choice is meant to maintain the estate’s worth.
We have all put in a great deal of effort and taken every precaution to close a going concern sale, stated Bruce Thorn, president and CEO of Big Lots. We have made the tough choice to start the GOB process in order to preserve the value of the Big Lots estate, even though we are still hopeful that we can complete an alternative going concern deal.
Customers were reassured by the business that for the time being, both in-person and online services will remain available.