Fans of Big Lots, brace yourselves. The discount retailer announced on Thursday it will be holding “going out of business” sales at all remaining locations after a planned sale of the company fell through.
What Happened?
Big Lots previously entered into an agreement with private equity firm Nexus Capital Management to be acquired
However, according to a company statement, that deal is no longer happening. “We are disappointed that the asset purchase agreement with Nexus Capital Management will not be completed,” said Bruce Thorn, Big Lots’ President and CEO.
What Now?
Despite the setback, Big Lots is committed to maximizing value for its remaining assets. This means kicking off major sales across all stores. The company expects these sales to begin “in the coming days.” Big Lots will continue to operate stores and its online presence as usual for now, and promises to provide updates as they become available.
The Road Here
This news comes after a challenging year for Big Lots. In an effort to combat financial difficulties, the company announced plans to close around 300 stores in the US earlier in 2024. Additionally, Big Lots filed for Chapter 11 bankruptcy protection in September, aiming to facilitate a smooth sale.
What This Means for You
If you’re a Big Lots shopper, get ready for some deep discounts! Head to your local store soon to see what treasures you can find. Keep an eye on Big Lots’ website or social media for updates on the sale’s official start date and any additional information.
The End of an Era?
While this announcement marks the end of Big Lots as we know it, there’s always a chance the company might find a new buyer or be revived in some form. In the meantime, let’s reminisce about the great deals and unique finds we scored at Big Lots over the years.
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