1. Channel: Dollar/Value

Big Lots’ Planned Private Equity Sale Falls Through; Retailer Commences Going out of Business Sales

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Closeout retailer Big Lots has initiated going of out business sales at its remaining stores following the news that a planned sale to Nexus Capital Management has fallen through. The troubled retailer is still pursuing an alternative “going concern transaction with Nexus or another party,” with the goal of completing a sale by early next month.

Big Lots currently operates 960 stores, according to its website, and will continue to serve customers both in-store and online. In September 2024, the retailer had operated nearly 1,400 stores in 48 states, but Big Lots has been closing locations as it struggled to overcome its financial woes.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, President and CEO of Big Lots in a statement. “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 [going out of business] process.”

Big Lots received court approval for its sale to Nexus Capital Management in November 2024 following its voluntary bankruptcy filing, designed to streamline the transaction, in September.

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