CALIFORNIA – Big Lots announced, December 19, that it is closing all 963 stores nationwide – including the 22 remaining stores in California after a deal with Nexus Capital Management to purchase the company fell through.
The company says it is preparing to commence going-out-of-business sales at all remaining Big Lots store locations in the coming days.
Despite challenges, Big Lots still hopes to find another buyer or solution that allows it to keep operating as a business. They hope to finalize a sale with Nexus or another party by early January.
“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 [going-out-of-business] process,” said Big Lots president and CEO Bruce Thorn.
Big Lots has already closed 315 stores
Big Lots announced in September that it was filing Chapter 11 bankruptcy in an effort to reorganize its debts and continue operating.
At that time, the company closed 315 stores nationwide.