COLUMBUS, OH – Big Lots, Inc. has announced that it no longer anticipates completing its previously announced sale to Nexus Capital Management. However, the company remains focused on pursuing an alternative “going concern” transaction, with a goal of finalizing a sale by early January 2025.
As part of these efforts, Big Lots is preparing to launch going out of business (GOB) sales at all remaining store locations in the coming days. The company emphasized that the GOB sales are a precautionary measure to protect its estate’s value and will not prevent the possibility of completing a going concern transaction.
A Challenging Path Forward
Bruce Thorn, President and CEO of Big Lots, acknowledged the difficult position the company faces.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Thorn said. “While we remain hopeful that we can close an alternative transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”
Continued Operations
Despite these developments, Big Lots stated it is committed to serving customers both in-store and online during this transitional period. Customers can expect updates as the situation evolves.
Background
Big Lots, a major discount retailer with a long history of serving budget-conscious shoppers, announced its agreement with Nexus Capital Management earlier this year. However, the latest developments indicate challenges in completing the deal, leaving the company to explore other potential buyers or strategies.
The announcement signals a pivotal moment for the company as it works to balance efforts to preserve its legacy and protect stakeholders’ interests.
Big Lots will provide additional information as it becomes available. Customers are encouraged to take advantage of the upcoming sales at remaining store locations.