CULLMAN, Ala. – Big Lots, Inc. in a press release announced it “does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party. The Company’s goal would be to complete a sale by early January.”
The release said that in parallel with these efforts, Big Lots is preparing to 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. This includes the longtime Cullman location at 1619 Town Square SW in the Town Square Shopping Center.
Big Lots President and CEO Bruce Thorn said in the release, “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 release said the company is continuing to serve customers in-store and online, and will provide updates as available.
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