Around 1,000 stores belonging to the Big Lots brand will shut down quickly. According to sources, the retail company is planning to hold a “going out of business” sale.
As per a Thursday press release, the company has been sold to a private equity firm and will be shutting down for good.
The company was planning to sell its assets to Nexus Capital Management, but the deal fell through. Negotiations with Nexus are still going on, as well the options to explore strategic alternatives. Right now, all of its stores will shut down all of its locations and will host “going out of business” sales.
Big Lots, based in Columbus, Ohio, operates more than 900 locations across the country, sells furniture, apparel, health, lawn equipment and beauty, and other kinds of consumer goods. Big Lots bills itself as a place which delivers “bargains to brag about on everything for the home, including furniture, décor, pantry and more.”
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots CEO Bruce Thorn said. “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 process.”