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Is Big Lots going out of business? Ohio-based retailer’s bankruptcy sale falls through

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Is Big Lots going out of business? Ohio-based retailer’s bankruptcy sale falls through

The Columbus, Ohio-based retailer has already closed more than 400 stores nationwide and is starting going out of business sales at the rest

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More bad news for Big Lots.

The Columbus-based retail chain announced Thursday that it has started going out of business sales at all remaining locations as the company’s acquisition out of Chapter 11 bankruptcy has fallen through.

Here’s the latest.

Big Lots acquisition by Nexus falls through

Big Lots recently entered into an agreement to be acquired by Nexus Capital Management LP as part of its bankruptcy proceedings.

But on Thursday, the company “announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management.” However, Big Lots is working to complete another purchase agreement with Nexus or another party, according to the statement, with the goal of having the sale complete by early January.

Big Lots to start going out of business sales at all remaining locations

Alongside plans for a new purchase agreement, Big Lots is will soon start going out of business (“GOB”) sales at all remaining location “to protect the value of its estate,” according to the statement. The company believes these sales will not hinder any deal to sell, the statement continued.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” Bruce Thorn, Big Lots’ President and CEO, said. “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 closes more than 400 locations nationwide, many in Ohio

Big Lots has closed more than 400 stores nationwide as part of its bankruptcy process, including 20 in Ohio. They are:

  • Aurora: 7155 Market Place Drive, Aurora, Ohio 44202
  • Blue Ash: 4154 Hunt Road, Blue Ash, Ohio 45236
  • Brunswick: 1733 Pearl Road, Brunswick, Ohio 44212
  • Cincinnati: 8576 Beechmont Ave., Cincinnati, Ohio 45255
  • Cincinnati: 11372 Princeton Pike, Cincinnati, Ohio 45246
  • Cincinnati: 9690 Colerain Ave., Cincinnati, Ohio 45251
  • Cincinnati Eastgate: 4585 Eastgate Blvd., Cincinnati, Ohio 45245
  • Columbus Grandview: 1451 W 5th Ave., Columbus, Ohio 43212
  • Dayton: 359 Miamisburg Centerville Road, Dayton, Ohio 45459
  • Defiance: 1520 N. Clinton St., Defiance, Ohio 43512
  • Highland Heights: 6235 Wilson Mills Road, Highland Heights, Ohio 44143
  • Mount Vernon: 1550 Coshocton Ave., Mount Vernon, Ohio 43050
  • Newark: 311 Deo Drive, Newark, Ohio 43055
  • North Olmstead: 26425 Great Northern Plaza, North Olmstead, Ohio 44070
  • Rossford: 9880 Olde US 20, Rossford, Ohio 43460
  • Saint Marys: 1170 Indiana Ave., Saint Marys, Ohio 45885
  • Sandusky: 410 E. Perkins Ave., Sandusky, Ohio 44870
  • Toledo: 4925 Jackman Road, Toledo, Ohio 43613
  • West Chester: 7779 Tylersville Road, West Chester, Ohio 45069
  • Westerville: 60 E. Schrock Road, Westerville, Ohio 43081

The company lists 102 Ohio locations on its website and currently operates more than 1,350 stores in the U.S., down from 1,425 in early 2023.

Big Lots files for bankruptcy protection

Big Lots filed for bankruptcy protection on Sept. 9, the Dispatch reported previously. The company blamed inflation and high interest rates for taking a toll on its customers.

Los Angeles-based investment company Nexus Capital Management had agreed to buy most of its assets, the company said.

For now, Big Lots is continuing to serve its customers in the store and on its e-commerce site.

Big Lots to close Columbus distribution center, 379 workers to lose jobs

The week before its bankruptcy announcement in September, Big Lots revealed it planned to close a distribution center in Columbus that would put 379 workers out of jobs, the Dispatch reported.

The company told the state that the distribution center would shut down by Oct. 31. All workers were to receive pay and benefits through Nov. 3.

The distribution center shutdown happened roughly a month after the retailer said it was closing about 300 stores, which is nearly a fourth of its total locations.

Big Lots joins True Value, Red Lobster, Rite Aid in bankruptcy filings

Big Lots is the latest chain with a presence in Ohio to file for bankruptcy. Others include True Value, Red Lobster, Rite Aid, and Bed Bath & Beyond.

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