Pickaway County – Big Lots, the discount retailer, has confirmed that its anticipated merger with private equity firm Nexus Capital Management has fallen through, leading to the decision to close all of its remaining stores. Earlier this year, the company filed for bankruptcy and announced it would shut down over 300 of its 1,400 locations.
Now, all 960-plus remaining Big Lots stores will begin holding going-out-of-business sales as part of the liquidation process. While no specific timeline has been provided for the closures, the retailer continues to operate both in-store and online.
In a statement, Bruce Thorn, Big Lots’ President and CEO, expressed the company’s efforts to complete a “going concern” sale, but said it was necessary to begin the closure process to protect the company’s assets. “We all have worked extremely hard and have taken every step to complete a going concern sale,” Thorn stated. “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 (going out of business) process.”
Despite the closures, there is still a chance that Big Lots may remain in business. Thorn shared in an email to employees that the closures could be halted if a sale is successfully completed. He emphasized that the company is continuing its efforts to secure a deal, either with Nexus or another interested party, that would allow the company to preserve a significant portion of its operations.
For now, Big Lots customers can continue shopping as usual while the company explores alternative options.
