Big Lots begins holding “going out of business” sales at remaining locations

National retailer Big Lots, headquartered in Columbus, Ohioannounced Thursday that it will begin having Going Out of Business (GOB) sales at all of its remaining stores.

The retail chain also announced that it does not expect to complete the previously announced asset purchase agreement with Nexus Capital Management and will continue to work toward a replacement sale with Nexus or another company. Big Lots, Inc. hopes… The sale will be completed by early January.

With no agreement reached, the company will initiate GOB sales to protect the value of its holdings.

“We have all worked extremely hard and taken every step to complete the ongoing sale,” said Bruce Thorne, president and CEO of Big Lots. “Although we remain hopeful that we can close an alternative continuation transaction, in order to protect the value of the Big Lots property, we have made the difficult decision to initiate the GOB process.”

So many places that will close over 50 retail locations

Big Lots did not immediately respond to FOX Business’ questions and requests for comment on the matter.

Big Lots launched Chapter 11 bankruptcy proceedings in early September to help facilitate the sale of “all” of its assets to “stalking horse bidder” Nexus Capital Management.

the Discount retailer The company said at the time that its board concluded that “entering into a sales agreement with Nexus, and initiating a court-supervised sale, is the best path forward to maximize value and ensure continued operations.” Nexus must be the winning bidder in a court-supervised auction for the deal to close.

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Before depositing Chapter 11Big Lots told the Securities and Exchange Commission that it plans to close 35-40 stores, which quickly grew to hundreds. The retailer operates about 1,400 stores across the United States and employs more than 30,000 workers.

In its Chapter 11 filing in September, Big Lots said there would be additional store closures, and in October, it announced that 50 more stores would be closed.

The discount retailer is known for selling home goods, furniture, seasonal decor, and other products.

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In the second quarter, Big Lots generated net sales of $1.05 billion, down more than 8% compared to the same three-month period last year. Its net quarterly losses amounted to about $238.46 million.

FOX Business’ Pilar Arias contributed to this report.