Big Lots to start 'going out of business' sale at all remaining locations

Carle Place, N.Y.: The Big Lots store in Carle Place, New York on July 23, 2024. This location is one of the Big Lots locations that is closing. (Photo by Howard Schnapp/Newsday RM via Getty Images)

LOS ANGELES - Popular retail chain, Big Lots, announced plans for a going out of business ("GOB") sale at all remaining store locations in the coming days.

The company also announced that it does not anticipate completing its purchase agreement with Nexus Capital Management, but will continue to "work toward completing an alternative going concern transaction with Nexus or another party.

Their goal is to complete the sale by early January.

"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," Bruce Thorn, Big Lots' President and Chief Executive Officer, said in a statement. 

Big Lots plans to continue in-store and online sales. 

Big Lots filed for Chapter 11 bankruptcy in early September to help facilitate the sale of "substantially all" of its assets to its "stalking horse bidder" Nexus Capital Management.

Prior to filing Chapter 11, Big Lots told the Securities and Exchange Commission it planned to close 35–40 stores, which quickly grew to hundreds. The retailer operates around 1,400 stores across the U.S. and employs over 30,000 workers.