Major retailer closing all stores nationwide including 22 in CA – going-out-of-business sale coming

CALIFORNIA – Big Lots announced, December 19, that it is closing all 963 stores nationwide – including the 22 remaining stores in California after a deal with Nexus Capital Management to purchase the company fell through.

The company says it is preparing to commence going-out-of-business sales at all remaining Big Lots store locations in the coming days.

Despite challenges, Big Lots still hopes to find another buyer or solution that allows it to keep operating as a business. They hope to finalize a sale with Nexus or another party by early January.

“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 [going-out-of-business] process,” said Big Lots president and CEO Bruce Thorn.

Big Lots has already closed 315 stores

Big Lots announced in September that it was filing Chapter 11 bankruptcy in an effort to reorganize its debts and continue operating.

At that time, the company closed 315 stores nationwide.

The company said because the current economy has made things tough for its customers, many of them have cut back on spending money on non-essential items like home goods and seasonal products, which are a big part of what Big Lots sells.

The company thinks that starting “going out of business” sales won’t stop it from finding a buyer to keep the business running.

Continuing to serve customers

Big Lots says it is continuing to serve customers in-store and online, and will provide updates as available.