Large plot of land to start ‘out of business’ sale at remaining location

Columbus, Ohio-based national retailer Big Lots announced Thursday that it will begin selling Going Out of Business (GOB) in all of its remaining stores.

The retail chain also announced that it does not expect to finalize the previously announced asset purchase agreement with Nexus Capital Management and will continue to work towards a replacement sale with Nexus or another company. Big Lots, Inc. Expect sales to end in early January.

Without an agreement, the company will start selling GOB to protect the value of its property.

“We have all worked hard and taken every step of the way to end the worrying sale,” said Bruce Thorn, President and CEO of Big Lots. “While we are still hopeful that we can close a worrying transaction instead to protect the value of Big Lots property, we have made a difficult decision to start a GOB process.”

Large wholesalers can close more than 50 locations

A close-up of Big Lots in Los Angeles, California, USA on Saturday, September 7, 2024. (Eric Thayer / Bloomberg via Getty Images / Getty Images)

Big Lots did not immediately respond to a request from FOX Business for comment.

Big Lots launched its Chapter 11 bankruptcy proceedings in early September to facilitate the sale of its “all” assets to “equestrian horse auction” management Nexus Capital.

The discount retailer said at the time that its board had finalized “entering into a sales deal with Nexus and initiating a court-controlled sales process is the best way forward to increase prices and guarantee The operation continues. ” Nexus must be the winning bidder of the court-controlled bid for the transaction to close.

Bankruptcy documents will close some stores while selling to investment firms

Carle Place, NY: The Big Lots store in Carle Place, New York, July 23, 2024. (Howard Schnapp / Newsday RM via Getty Images / Getty Images)

Prior to Chapter 11, Big Lots told the SEC it planned to close 35-40 stores, which quickly grew to hundreds. The retail store operates approximately 1,400 stores across the United States and employs more than 30,000 people.

In Chapter 11 of September, Big Lots said it would close more stores, and in October it announced that another 50 stores would be closed.

Discount retailers are known for selling home goods, furniture, seasonal decorations and other products.

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In the second quarter, Big Lots earned $ 1.05 billion in net sales, down more than 8% from the same three months last year. Its quarterly net loss was nearly $ 238.46 million.

FOX Business’ Pilar Arias contributed to this report.