Big Lots, the discount retail chain, is holding liquidation sales across all its stores after a deal to sell the company fell through.
The Columbus, Ohio-headquartered business, known for its range of furniture, home decor, and other products, sought Chapter 11 bankruptcy protection in early September.
Initially, Nexus Capital Management LP was set to purchase most of the company’s assets. However, on Thursday, Big Lots announced that it no longer expects to finalize the sale with Nexus but is still aiming to complete an alternative deal with them or another buyer. The company’s objective is to secure a sale by early January.
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Currently, Big Lots’ website is advertising discounts of up to 50% on its entire stock, and it has confirmed that all locations are shutting down.
“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, expressed in a 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.”