Big Lots is planning "going out of business" sales at all of its stores

COLUMBUS, Ohio — Big Lots announced this week that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party. The company's goal would be to complete a sale by early January.

Big Lots files for Chapter 11, will sell company to Nexus Capital

To facilitate the deal, Big Lots initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.

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In addition to these efforts, the company is preparing to commence going out of business ("GOB") sales at all remaining Big Lots store locations in the coming days to protect the value of its estate. The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction.

"We all have worked extremely hard and have taken every step to complete a going concern sale. 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," said Bruce Thorn, Big Lots' president and chief executive officer.

The company is continuing to serve customers in-store and online, and will provide updates as available.