Big Lots is out of business. Months after filing for bankruptcy, the popular retail chain announced its decision to close all its stores in a press release issued Thursday. Over 400 stores have already been shut down this year, with the company's fourth round of closures in October.
Big Lots announces ‘going out of business’ sales
“The Company is preparing to commence going out of business (GOB) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate,” Big Lots said in the statement. Back in September, the company filed for Chapter 11 bankruptcy, citing “substantial doubt” about its ability to continue its business operations as usual.
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In an October filing, Big Lots shut down 56 locations across 27 states. The move came just a week after the company announced its plans to close 46 locations across 23 states. Despite failing to complete “its previously announced asset purchase agreement with Nexus Capital Management,” the company intends to “complete a sale by early January.”
Big Lots CEO Bruce Thorns said, “We all have worked extremely hard and have taken every step to complete a going concern sale. 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.”
{{/usCountry}}Big Lots CEO Bruce Thorns said, “We all have worked extremely hard and have taken every step to complete a going concern sale. 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.”
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As the company is working toward “completing an alternative going concern transaction with Nexus or another party,” it is still serving its customers, both in-store and online. However, it did not specify how long the sales would last. “The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction,” Big Lots added.