Big Lots, Inc. announced Thursday that going out of business sales will begin immediately at all of its remaining stores nationwide, even as it continues to find a buyer to take over the company.
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On Friday, the company’s website was already promoting storewide sales of up to 50% off, both in-store and online.
Six Big Lots stores are close to Somerset County, in Johnstown, Mount Pleasant, Latrobe and Uniontown, Pennsylvania, and Cumberland and Frostburg, Maryland.
A previously-announced purchase agreement with Nexus Capital Management is apparently over, as Big Lots said in its latest announcement that it “no longer anticipates closing (its) previously announced sale.”
The going-out-of-business sale should not prevent a new sale agreement from being arranged, either with Nexus Capital Management or another potential buyer, company leaders said.
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“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 (going out of business) process,” said Bruce Thorn, president and chief executive officer.
As the USA TODAY network has reported, Big Lots announced in September that it was voluntarily filing for Chapter 11 bankruptcy as part of its tentative agreement with Nexus Capital Management.
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More than 400 stores were already closed or scheduled to close in 2024 before the going-out-of-business announcement was made, according to USA TODAY reporting.
This article originally appeared on The Daily American: Big Lots closing all stores nationwide, six near Somerset County, Pa.
