Dothan, Ala. (WDNews) – Big Lots, Inc. announced today that it may not proceed with its previously planned asset purchase agreement with Nexus Capital Management. However, the company remains in talks with Nexus and other potential buyers to finalize an alternative sale by early January.
In the meantime, Big Lots is preparing to initiate going out of business (GOB) sales at all remaining store locations in the coming days. This move, aimed at protecting the value of its assets, does not rule out the possibility of completing a going concern sale.
Bruce Thorn, President and CEO of Big Lots, stated, “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.”
Despite these challenges, Big Lots is continuing to serve customers both in-store and online. The company plans to provide further updates as they become available.
Shoppers in the Wiregrass area may want to keep an eye on potential GOB sales for deals, as the future of the local stores remains uncertain.
