(NewsNation) — Big Lots is preparing to begin “going out of business (GOB)” sales at all of its remaining stores.
The company announced Thursday it doesn’t anticipate completing the asset purchase agreement previously announced with Nexus Capital Management. However, it will continue working toward an alternative sale with Nexus or another company.
The Ohio-based company’s goal is to have the sale completed by early January.
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“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Big Lots’ President and CEO Bruce Thorn. “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 filed for Chapter 11 bankruptcy in September to help facilitate the sale of the majority of its assets to its “stalking horse bidder” Nexus Capital Management.
The discount retailer operates around 1,400 stores across the U.S., employs over 30,000 workers, and is known for selling home goods, furniture, seasonal decorations and other products.
