MARION, OH (MARION COUNTY NOW)—Big Lots, the Columbus-based retail chain known for its discounted home goods and groceries, announced on Thursday that all remaining stores are preparing for permanent closure after attempts to sell the company fell through.
In a news release, Big Lots revealed that negotiations to finalize a sale to Nexus Capital Management, a private equity firm, were unsuccessful, leading to the commencement of going-out-of-business sales across all locations.
Bruce Thorn, Big Lots’ president and CEO, stated, “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 of the Big Lots estate, we have made the difficult decision to begin the [going out of business] process.”
The company, which filed for Chapter 11 bankruptcy earlier this year, has already closed hundreds of stores. Despite the impending closures, Big Lots will continue to serve customers both in-store and online during the liquidation process.
There remains a possibility that a sale could still be finalized by early January, which might avert the permanent closures. However, for now, shoppers in Ohio should brace for the loss of the long-standing retail chain from the local marketplace.
Founded in Columbus in 1967, Big Lots has grown into a national chain including the store on Marion-Mt Gilead Rd in Marion.