Big Lots to hold ‘going out of business’ sales [Video]

COLUMBUS, Ohio — All Big Lots stores will hold “going out of business” sales as the company prepares to shut its doors after a sale to a private equity firm fell through, Big Lots officials announced Thursday. 

In a press release, the company said a previously announced sale of its assets to Nexus Capital Management had failed, but that they still hoped to either revive the deal with Nexus or have another buyer by early January. 

Steve Berman, a partner with Shumaker, Loop & Kendrick, has been a bankruptcy lawyer for more than 30 years. He said there are likely more closures like this to come in 2025.

“Think you’re gonna see a lot more in the food and beverage area, in retail and also in real estate,” Berman said.