Big Lots, the Columbus-based discount retailer, has officially kicked off going out of business (GOB) sales at all its remaining stores. This comes after a proposed acquisition deal with Nexus Capital Management fell through. But don’t write them off just yet – the company is still hustling to seal an alternative deal by early January.
In a press release, Big Lots explained that while they’re hopeful for a last-minute save, they’re rolling out these liquidation sales to protect what’s left of their assets.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ President and CEO. “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.”
If you’ve been keeping tabs, you know this isn’t Big Lots’ first big blow. The company’s bankruptcy proceedings have already shuttered over 400 stores nationwide, with 20 of those closures happening right here in Ohio. That includes spots in Westerville, Newark, and the Grandview area of Columbus. As of now, Big Lots is down to just over 1,350 stores across the U.S., a noticeable drop from its 1,425 locations earlier this year.
For shoppers, this might be your last chance to snag a deal at Big Lots before the doors close for good. And while the stores and online shopping are still up and running, the clock is ticking.
It’s a tough moment for a brand that’s been a go-to for bargain hunters for decades. Here’s hoping Big Lots can find a way to stay in the game.
Featured image via Wikimedia Commons.
