Big Lots retailer is preparing to close all of its stores after filing for bankruptcy and closing more than 400 stores this year.
Company officials said On Thursday, WNEP reported that a sale to a private equity firm failed, resulting in the store holding a “going out of business” sale.
“The company stated in a press release that although the previously announced sale of the assets to Nexus Capital Management failed, it still hopes to either reinstate the contract with Nexus or secure another buyer by early January. ” said the report.
Big Lots filed for bankruptcy in September and merged with several other companies across the United States, according to Breitbart News.
WNEP report continuation:
“All of us worked extremely hard and did everything possible to complete the going concern sale,” Bruce Thorne, president and chief executive officer of Big Lots, said in a statement. “While we remain hopeful that we can complete an alternative going concern transaction, we have made the difficult decision to begin the (out-of-business) process to protect the value of the Big Lots property.”
Big Lots, which primarily sells furniture, home décor and some other products, has previously warned that consumers are cutting back on home and seasonal purchases, two categories on which the chain relies heavily. He said that high inflation and interest rates were having a negative impact on business. Its income.
“When a store permanently closes will be determined based on remaining inventory available. We cannot provide an exact date for the store. [sic] Closed,” the site says.
Big Lots told financial regulators in July that the company's significant losses over the past two years raised “serious questions about the company's viability,” according to Breitbart News.
“Big Lots' woes come as other well-known discount stores are struggling, including Dollar Tree, Family Dollar and 99 Cents Only stores, the latter of which sold all 371 stores in April. announced the closure of the store,” the report said.
