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Michigan Big Lots stores to start going-out-of-business sales. What we know

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Michigan Big Lots stores to start going-out-of-business sales. What we know

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Big Lots on Thursday announced that it has reached the “difficult decision” to begin going-out-of-business sales at all locations.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots President and Chief Executive Officer Bruce Thorn said in a release. “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’s website says it has 32 locations in Michigan and 963 overall.

In September, the company announced it was entering Chapter 11 bankruptcy and shuttering more than 500 stores. In November, it added an additional stores to the count.

“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers,” Thorn said in September. “To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner.”

“Operating under new ownership who believes in our business and provides increased financial stability will improve our long-term profitability,” the company said in a release at the time.

According to stockanalysis.com, Big Lots had revenue of 1.05 billion in the quarter that ended in August, down 8.15%. Revenue compared to the previous year was $4.15 billion, down more than 9%.

The company had 30,000 employees at the time, the website said.

The company in November that it had received court approval for an agreement to be acquired by Nexus Capital Management LP.

Thursday, the company said it does not anticipate completing its previously announced asset purchase agreement with Nexus, “though it continues to work toward completing an alternative going concern transaction with Nexus or another party. The company’s goal would be to complete a sale by early January.”

At the time it entered into bankruptcy, Big Lots said in court filings that in connection with the court-supervised process, it had secured commitments for $707.5 million of financing, including $35 million in new financing from certain of its current lenders, in the form of a post-petition credit facility. The financing was expected to provide sufficient liquidity to support the Company while it works to complete the sale transaction, the documents say.

Big Lots said sales at all remaining Big Lots store locations will commence “in the coming days to protect the value of its estate.”

The company is continuing to serve customers in-store and online, and will provide updates as available, the release said.

Where are Big Lots stores in Michigan?

Big Lots has stores in the following locations, according to its website.

  • Adrian
  • Alpena
  • Battle Creek
  • Bay City
  • Benton Harbor
  • Burton
  • Chesterfield
  • Clinton Township
  • Dearborn
  • Eastpointe
  • Farmington Hills
  • Flint
  • Gaylord
  • Grand Rapids
  • Jackson
  • Lapeer
  • Livonia
  • Monroe
  • Muskegon
  • Niles
  • Pontiac
  • Port Huron
  • Saginaw
  • Sault Ste. Marie
  • Shelby Township
  • Southfield
  • Southgate
  • Sterling Heights
  • Traverse City
  • Waterford
  • Westland

What about rewards and gift cards?

When the company entered bankruptcy, it said customers could still receive rewards and gift cards would be honored. Big Lots did not immediately say what would happen now.

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