Connect with us

Headlines

Big Lots Shutting Remaining Stores

Move to close 950 locales comes as Nexus Capital deal collapses

mm

Published

on

Photo: Courtesy of Big Lots

Closeout retailer Big Lots Inc. (Columbus, Ohio) says it is preparing to launch going out of business (GOB) sales at all its remaining store locations, now that its previously announced asset-purchase agreement with Nexus Capital Management has fallen through. It continues to work toward completing an alternative going concern transaction with Nexus or another party, with a goal to complete a sale by early January.

The company, which has struggled with declining sales and had filed Chapter 11 bankruptcy to smooth the Nexus deal, believes that the GOB sales won’t prevent it from consummating a going-concern transaction. The retailer, which has already closed hundreds of stores since September, currently operates about 950 locations.

“We all have worked extremely hard and have taken every step to complete a going-concern sale,” said President and CEO Bruce Thorn. “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.”

Advertisement

FEATURED VIDEO

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design

Promoted Headlines

Advertisement
Advertisement

Subscribe

Advertisement

Facebook

Most Popular