Big Lots announced it will begin going-out-of-business sales as it does not expect to close a sale to private equity firm Nexus Capital Management, revealing ongoing financial struggles.
CEO Bruce Thorn mentioned, '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.' This indicates an uncertain future while the company takes steps to preserve its value.
Despite the ongoing sales, Big Lots believes the process will not hinder negotiations for a new deal, hoping to lock in an agreement by early January, thus keeping options open for salvation.
With over 300 stores set to close across 41 states, following bankruptcy filing in September, Big Lots is under significant pressure due to declining sales, a rising debt, and many underperforming locations.
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