Going out of business sales are being prepared for all remaining Big Lots store locations, the company announced Thursday . The store has 23 locations in Alabama, including Anniston, Fort Payne, Guntersville and Rainbow City, according to its website .
According to the news release, Big Lots “does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management” but is working to complete a different transaction with Nexus or another entity with a sale completion goal of early January.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots president and CEO Bruce Thorn said in a news release Thursday. “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 initial closures came as part of a sale agreement with an affiliate of Nexus Capital Management LP and the company initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware in September.