Big Lots prepares 'going out of business' sales at all remaining stores

(Gray News) – Big Lots is preparing to close its business.

In a press release On Thursday, the retailer announced that its planned sale to Nexus Capital Management had fallen through.

In response, Big Lots said it was preparing to hold “going out of business” sales at all remaining stores.

However, Big Lots said it remains hopeful and continues to work to “finalize an alternative going concern transaction with Nexus or another party.”

Big Lots said its goal is to finalize a sale by early January.

“While we remain hopeful that we will be able to complete 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 (“going out of business”) process,” Bruce said. Thorn, president and CEO of Big Lots.

Big Lots said it is continuing to serve customers in stores and online at this time and will provide further updates as they become available.