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Big Lots says it is having going-out-of-business sales as it seeks a new buyer
A shopper leaves the Big Lots store on Dec. 4, 2012 in Berlin, Vt.
(
Toby Talbot
/
AP
)
National retailer Big Lots says it will begin holding going-out-of-business sales at its remaining stores because it still has not found a buyer to boost it from bankruptcy.
The discount chain has not said it is going out of business. In a statement released Thursday, however, it said it is holding the going-out-of-business sales to protect the value of the company. It previously was in talks with Nexus Capital Management to purchase it, but that deal has fallen through, the retailer said. The company said it is still pursuing an alternative transaction with Nexus or another party.
Big Lots said its goal is to complete a transaction by early January.
"We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots CEO Bruce Thorn said in the company's 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."
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A going concern deal is when a corporation up for sale is able to show that it still has enough resources to continue operating indefinitely, and does not need to be liquidated.
The sales are happening online and in-store.
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Big Lots announced in September it was filing for bankruptcy and closing stores. It still has more than 900 remaining.
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