Store announced Thursday it is “preparing to commence going out of business sales at remaining stores”
According to a release by the company, retail giant Big Lots (BL) is preparing to close its remaining 963 stores, nationwide, including the Cookeville location, following a deal with a private equity firm falling through.
BL “does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management,” but is continuing to work toward that goal of completing an “alternative going concern transaction with Nexus or another party.”
While that is happening, the company is prepping a going out of business (GOB) sale at all remaining store locations. It wants to protect the value of its estate, according to the company.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ President and chief executive officer. “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.”
The Company is continuing to serve customers in-store and online and will provide updates as available. All GOB sales can be “reversed” if the company finds another firm to purchase it’s assets.
Thorn said corporate positions will be vacated by as early as January.
Phot via Michael Rivera, CC BY-SA 4.0, via Wikimedia Commons.
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