Big Lots announced on December 19 that it will be closing all 963 of its stores across the country, including the 22 remaining stores in California. This comes after a deal with Nexus Capital Management to buy the company fell through.
The company is preparing to begin going-out-of-business sales at all remaining locations soon. Despite this, Big Lots is still hopeful it can find another buyer or solution to keep its business going. They aim to finalize a deal by early January, either with Nexus or another party.
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.
In September, Big Lots filed for Chapter 11 bankruptcy to reorganize its debts and continue operating. At that time, the company closed 315 stores nationwide. Big Lots explained that the tough economy has led many customers to cut back on spending for non-essential items like home goods and seasonal products, which make up a big part of their business.
Despite the going-out-of-business sales, Big Lots is still hopeful it can find a buyer to keep the company running. The company continues to serve customers in-store and online and will provide updates as they become available.