After closing hundreds of stores and filing for Chapter 11 bankruptcy protection earlier this year, discount retailer Big Lots is preparing to close its remaining locations .
According to a news release issued Thursday by the Columbus, Ohio-based chain, the company is set to commence “going out of business” sales at its remaining 963 stores “to protect the value of its estate.”
The decision comes as the chain’s planned sale of the bulk of its assets and business operations to Nexus Capital Management fell through.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ president and chief executive officer, in a statement. “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 company said it will continue to serve customers at its remaining stores and its website, biglots.com.