Big Lots Announces Going Out of Business Sales Amid Search for Alternative Transaction

St. Francois County, Mo. (KFMO) ​- Big Lots, Inc. announced today that it will begin going out of business (GOB) sales at all remaining store locations in the coming days. The decision comes as the company continues efforts to finalize a going concern transaction.

While Big Lots previously announced an asset purchase agreement with Nexus Capital Management, the company now says it does not anticipate completing that agreement. Instead, it is pursuing an alternative sale with Nexus or another party, with hopes of completing the transaction by early January.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots' President and CEO. “While we remain hopeful that we can close an alternative 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 emphasized that the going out of business sales will not necessarily preclude a potential sale. In the meantime, Big Lots is continuing to serve customers both in-store and online, with updates expected as progress is made.