The U.S. retail brand Big Lots has announced Going Out of Business (GOB) sales across all its remaining locations. The decision comes after the company failed to finalize its planned asset purchase agreement with Nexus Capital Management. This move was initially expected to help the company recover its financial situation.
The retail chain is loved by shoppers for its low-cost furniture, home goods, and more. They officially filed for Chapter 11 bankruptcy in September 2024.
Big Lots is continuing to explore alternative deals with Nexus, and other buyers. However, the absence of a finalized agreement has made the retailer liquidate its assets through this GOB sale. This initiative is expected to protect the value of its estate.
What can customers expect out of Big Lots' Going out of Business sale?
The liquidation process announced by the brand will come with discounts on items including furniture, decor, and pantry equipment, among others. Shoppers can also take this one as a stock clearance sale. The GOB sales are expected to attract bargain hunters, especially during the holiday season when consumers are actively going after saving deals.
The company has yet to provide a definitive timeline for the closure of its physical outlets. However, the company reportedly hopes to finalize any potential sale by early January 2025.
More about Big Lots
Big Lots is headquartered in Columbus, Ohio. This loved brand in the discount retail market, operates over 1,400 stores across the United States. Unfortunately, 2024 proved to be a challenging year for the chain. A series of financial losses, and rising operational costs led to widespread closures, which gradually reduced its footprint significantly, and is continuing.
Earlier this year, the company announced plans to close down its 35 to 40 stores. Within a short period, that number grew to hundreds as the financial strain deepened. By the time it filed for bankruptcy, it was widely clear to enthusiasts that more measures were necessary to sustain its operations.
In an official statement, the company's President and Chief Executive Officer Bruce Thorn reflected on this straining situation. He said,
"We all have worked extremely hard and have taken every step to complete a going concern sale. 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."
As the national retailer tries to survive its financial struggles, the outcome of its latest initiative, Going out of Business Sales, and ongoing negotiations are to determine the future of this company.
For now, customers can take advantage of the discounts during the GOB sales, which can also prove to be a step to rescue what remains of this retail brand.
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