Discount retailer Big Lots announced this week it’s ceasing operations and is offering going-out-of-business sales at remaining stores and on its website.
Big Lots, in business since 1967, tried to arrange a sale of its assets to Nexus Capital Management and initiated Chapter 11 bankruptcy in September as part of that effort.
While Big Lots is still trying to find a buyer for its assets and make a deal to stay afloat, the retail chain has begun the “GOB process,” CEO Bruce Thorn said in a release Thursday.
Big Lots stores are still open and its website is still up. Everything sold at Big Lots will be up to 50% off at its 960 existing stores and online, per a banner on the company’s website.
As part of the GOB move, Big Lots has stopped buying new inventory with the exception of goods or services needed to support the drawdown.
“Without question, this is a very difficult day for our organization, our customers and important partners like you. However, we’d like to take this opportunity to thank you for your partnership over the years — your support is truly appreciated,” the company said on its corporate website.
• Brad Matthews can be reached at bmatthews@washingtontimes.com.
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