Big Lots purchase falls through, going out of business sales in works

FILE – A shopper leaves the Big Lots store on Dec. 4, 2012 in Berlin, Vt. (AP Photo/Toby Talbot, file)

PARKERSBURG — Big Lots plans to start going out of business sales at its stores “in the coming days” after a planned purchase by a California investment firm fell through.
Big Lots Inc. entered Chapter 11 bankruptcy proceedings in September to facilitate a transaction in which an affiliate of Nexus Capital Management would acquire virtually all of the company’s assets and ongoing business operations.
But on Thursday, Big Lots announced in a news release that it “does not anticipate completing its previously announced asset purchase agreement” and “is preparing to commence going out of business sales at all remaining Big Lots store locations in the coming days to protect the value of its estate.”
However, the release notes the company will continue to work toward completing a transaction, whether with Nexus or another party. It says the going-out-of-business sales should not preclude such a transaction.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots President and CEO Bruce Thorn said in the 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.”
Big Lots store in Vienna, Marietta, Athens and Zanesville were among those listed in the company’s latest filing as planned for closure.
The Vienna Big Lots opened in the former Toys R Us facility in the summer of 2019, replacing the store in Parkersburg’s Park Shopping Center. The Marietta store moved from Acme Street to the former Food 4 Less on Seventh Street the year before.