(Columbus, OH) – Big Lots plans to start holding going out of business sales at all locations, including across Indiana, after failing to complete a deal with Nexus Capital Management LP.
Big Lots President and CEO Bruce Thorn says they hope to reach an alternative agreement.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Thorn said in a statement. “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 has said that high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue. Big Lots has also struggled with increased competition from the likes of Walmart and warehouse clubs like Walmart’s Sam’s Clubs and Costco, which have all sharpened their pricing and merchandise.
Store hours and online sales will continue during the process.
Big Lots operates stores in Aurora, Columbus and Shelbyville.
