OHIO — Big Lots, the Columbus-based retail chain, announced Thursday that all remaining stores are preparing to permanently close after efforts to sell the company fell through.
In a news release, Big Lots stated it had been unable to finalize a sale to Nexus Capital Management, a private equity firm, prompting the launch of going-out-of-business sales.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ president and CEO, in the release.
“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 [going out of business] process.”
The company, which has been a staple for discounted home goods and groceries, filed for Chapter 11 bankruptcy earlier this year and has already shuttered hundreds of locations.
Despite this, stores will continue to serve customers in-store and online during the liquidation process.
Big Lots indicated there is still a possibility the sale could be finalized by early January, which might prevent the permanent closures.
However, for now, Ohio shoppers should prepare for the company’s departure from the retail landscape.
Big Lots was founded in Columbus in 1967 and grew into a national chain with strong ties to Ohio communities.
