Major retailer closing all stores nationwide, including 22 in California; going-out-of-business sale is coming

By: Eliot Pierce

Sharing is caring!

Following the collapse of an agreement with Nexus Capital Management to acquire the company, Big Lots announced on December 19 that it is closing all 963 of its locations nationwide, including the 22 that remain in California.

According to the firm, all remaining Big Lots locations will begin going-out-of-business sales in the next several days.

Notwithstanding the difficulties, Big Lots is looking for a different buyer or solution that will enable it to carry on with its business. By early January, they hope to get the sale with Nexus or another company finalized.

Bruce Thorn, the president and CEO of Big Lots, informed investors that we have made the painful choice to start the GOB [going-out-of-business] process in order to preserve the value of the Big Lots estate, even though we are still hopeful that we can close an alternative going concern deal.

Big Lots has already closed 315 stores

In September, Big Lots announced that it would declare Chapter 11 bankruptcy in order to reorganize its debts and carry on with business as usual.

The company had closed 315 stores nationwide at that point.

According to the company, many of its customers have cut back on their spending on non-essential things like home goods and seasonal products, which make up a significant amount of Big Lots sales, because the current economy has made life difficult for them.

The company thinks that starting going out of business sales won’t stop it from finding a buyer and continuing to operate.

See also  Police find missing teenager last seen getting into a white truck

Continuing to serve customers

According to Big Lots, it will keep helping customers both online and in-store and will provide updates as they become available.

Source

Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!

Leave a Comment