Big Lots announced that it will begin its Going Out of Business (GOB) sales at all its stores.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” 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.”
The retailer filed for bankruptcy in September, citing inflation and interest rates as the primary drivers behind the filing. The company filed for Chapter 11 protection, agreeing to sell its assets and business operations to Nexus Capital Management.
The company has since said it does not believe it will complete its agreement with Nexus Capital Management and will “work toward completing an alternative going concern transaction with Nexus or another party,” a press release says. Big Lots is looking to complete a sale by early January.
At the time of its bankruptcy announcement, Thorn said the filing would allow Big Lots to “move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value.”
“We appreciate the tremendous loyalty of our customers, and our core purpose of helping them ‘Live BIG and Save LOTS’ has never been stronger. As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience,” he said. “We are grateful for the hard work and dedication of our associates who remain focused on delivering the best service possible for our valued customers, and we deeply appreciate the partnership of our vendors as we start a new chapter for our business.”
