Large lots to begin holding ‘Going out of Business’ sales at remaining locations

National retailer Big Lots, based in Columbus, Ohio, announced Thursday that it will begin running Going Out of Business (GOB) sales at all of its remaining stores.

The retail chain also announced that it does not expect to complete a previously announced asset purchase agreement with Nexus Capital Management and will continue to work toward an alternative sale with either Nexus or another company. Big Lots, Inc. hope to have the sale completed by early January.

Without any agreement, the company will begin GOB sales to protect the value of its property.

“We have all worked extremely hard and taken every step to complete a going concern sale,” said Big Lots President and CEO Bruce Thorn. “While we remain hopeful that we can complete an alternative going concern transaction, in order to protect the value of Big Lot’s property, we have made the difficult decision to begin the GOB process.”

LARGE LOTS FOR SHUTTER MORE THAN 50 RETAIL LOCATIONS

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

Big Lots did not immediately respond to FOX Business’ questions and a request for comment on the matter.

Big Lots entered Chapter 11 bankruptcy proceedings in early September to help facilitate the sale of “substantially all” of its assets to its “stalking horse bidder” Nexus Capital Management.

The discount retailer said at the time that its board had entered into a sale agreement with Nexus and initiating a court-supervised sale process was the best way forward to maximize value and ensure continued operations. Nexus must be the winning bidder in a court-monitored auction for the transaction to close.

LARGE MASSES ABOUT BANKRUPTCY, SOME STORES CLOSE IN THE MIDDLE OF SALE TO INVESTMENT COMPANY

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

Before filing for Chapter 11, Big Lots told the SEC it planned to close 35-40 stores, which quickly grew to hundreds. The retailer operates approximately 1,400 stores throughout the United States and employs over 30,000 people.

In the Chapter 11 filing in September, Big Lots said there would be additional store closings, and in October it announced another 50 stores would close.

The discount retailer is known for selling home goods, furniture, seasonal decor and other products.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

In the second quarter, Big Lots generated $1.05 billion in net sales, down more than 8% compared to the same three-month period last year. Its quarterly net loss was nearly $238.46 million.

FOX Business’ Pilar Arias contributed to this report.