COLUMBUS, Ohio – Columbus, Ohio-based discount retailer Big Lots announced Thursday that it is closing its remaining stores and going out of business. The company made the announcement on its website.
Big Lots was reorganizing in a Chapter 11 bankruptcy case and had hoped to strike a sale with Nexus Capital Management but that deal fell through, leading to upcoming closures of all its stores.
Big Lots will commence going out of business (“GOB”) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate.
Bruce Thorn, Big Lots’ President and Chief Executive Officer, said, “We all have worked extremely hard and have taken every step to complete a going concern sale. 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.”
The company is continuing to serve customers in-store and online, and will provide updates as available.
Big Lots has three, local Ohio Valley stores: Bridgeport, Ohio; Wintersville, Ohio and Moundsville, West Virginia.
In 1967, Sol Shenk founded Consolidated International, Inc., which became Big Lots.
