Big Lots is closing every store: Going-out-of-business sales will be held at all remaining locations 'in the coming days'

Big Lots has announced plans to close all stores and go out of business after failed deals and inflationary pressures significantly impacted its finances.

Big Lots revealed in a statement that its closure comes after a deal with Nexus Capital Management fell through, resulting in the need for going-out-of-business sales.

The company sought an asset purchase agreement with Nexus but was unable to proceed due to a disappointing inventory valuation, making the deal financially unviable.

CEO Bruce Thorn expressed hope for an alternative transaction but acknowledged the tough decision to commence going-out-of-business sales to protect the company's value.

Read at Fast Company