COLUMBUS Ohi. (WISH) — Big Lots Inc. announced today via press release that it does not anticipate completing a previously announced asset purchase agreement with Nexus Capital Management.
The company says it is hopeful that they will be able to craft an alternative agreement with Nexus or another company.
As a result, the company says it is preparing to start going out of business sales at all remaining Big Lots store locations, including all locations in Indiana, in order to protect the value of its estate.
Big Lots says it does not believe that the going out of business sales will preclude it from making another purchase agreement with another company.
Bruce Thorn, Big Lots’ President and Chief Executive Officer, said, “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 …