National going-out-of-business sale coming to Big Lots stores

The national retailer plans to hold going-out-of-business sales at its remaining stores, the company said in a statement Thursday. After previous rounds of consolidation, the company still operated about 960 stores as of Friday, with a presence in almost all states, according to its website.

The Thursday announcement coincided with the collapse of Big Lots’ planned sale of its business to Los Angeles-based Nexus Capital Management. Big Lots said it intends to pursue an alternative corporate sale of its assets—either to Nexus or another buyer. Meanwhile, nationwide retail sales at its stores were necessary to protect the value of its estate, it said. The retailer hopes to complete a corporate transaction in early January, according to the statement. Big Lots initiated Chapter 11 bankruptcy proceedings in September.

What did executives at the retailer have to say? In a statement, Big Lots President and CEO Bruce Thorn said the management of Big Lots had worked hard, and thoroughly, toward a sale to Nexus. He said he was hopeful that an alternative deal could be reached.