COLUMBUS, OH – Discount retailer Big Lots says it does not believe its sale to a private equity firm will happen, so it is planning going out of business sales for its remaining locations.
The Columbus, Ohio-based company filed for Chapter 11 bankruptcy protection in September.
At the time, the company said it planned to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.
Big Lots announced today that it t does not anticipate completing its purchase agreement with Nexus.
Instead, it will begin going out of business sales in the coming days to protect the value of the brand.
Bruce Thorn, Big Lots’ President and Chief Executive Officer, 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.”
The Company says it is continuing to serve customers in-store and online.
See the notice provided to investors here.
