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Big Lots Plans To Close All Stores After Declaring Bankruptcy

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National retailer Big Lots, which is based in Columbus, Ohio, announced Thursday that it will begin having Going Out of Business (GOB) sales at all of its remaining stores.

The retail chain also announced it does not anticipate completing a previously announced asset purchase agreement with Nexus Capital Management and will continue working toward an alternative sale with either Nexus or another company. Big Lots, Inc. hopes to have the sale completed by early January.

With no deal set, the company will begin GOB sales to protect the value of its estate.

"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. "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."


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

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

The discount retailer said at the time that its board had concluded "entering into the Sale Agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations." Nexus must be the winning bidder of a court-supervised auction for the transaction to close.

 
They had no deals on anything , just sold expensive junk . You were better off driving to Walmart to get a deal
 
Big lots would come in clutch right now if you had a new apartment to fill up real quick for the low

That’s what happened with me when I moved back to Norfolk a few years ago. Big Lots was right down the road it came through for me lol.
 
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