Tts previously announced asset purchase agreement with Nexus Capital Management has collapsed.
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(Columbus, Oh.) – Big Lots is set to commence going out of business sales at all remaining Big Lots store locations.
Big Lots, Inc. announced Thursday that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management.
While the agreement fell short, Big Lots continues to work toward completing an alternative going concern transaction with Nexus or another party. The company’s goal would be to complete a sale by early January.
Going concern is an accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary. This term also refers to a company's ability to make enough money to stay afloat or to avoid bankruptcy. If a business is not a going concern, it means it's gone bankrupt, and its assets were liquidated.
Big Lots will be closing store locations in the coming days to protect the value of its estate.
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 of the Big Lots estate, we have made the difficult decision to begin the GOB process."
The Company is continuing to serve customers in-store and online and will provide updates as available.
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