Big Lots begins going-out-of-business sales while seeking buyer

Big Lots prepares to close stores amid ongoing negotiations for a potential sale.

Big Lots, Inc. announced Thursday that it no longer anticipates completing its planned sale to Nexus Capital Management. Instead, the company is pursuing an alternative transaction, with hopes of finalizing a deal by early January.

Simultaneously, the retailer is preparing to launch going-out-of-business (GOB) sales at all remaining stores to protect its assets. Despite this, the company believes these sales will not prevent a potential sale to Nexus or another buyer.

Bruce Thorn, Big Lots’ president and CEO, acknowledged the challenges 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… we have made the difficult decision to begin the GOB process.”

Big Lots confirmed that stores will remain open for customers in-store and online during this transition.