It appears the final days for Big Lots are upon us.
On Thursday, the company announced that it’ll begin Going Out of Business sales at all of its 963 stores in the US. There are 64 Big Lots stores in Pennsylvania, including the one near the former Schuylkill Mall outside Frackville.
Big Lots also operates a distribution center in Schuylkill County near Tremont.
In a statement, Big Lots said “it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management.” However, the company said it’s working toward the completion of an “alternative going concern transaction” with that company or another. It hopes to have a sale completed soon after the new year.
Having a Going Out of Business sale at its Frackville and other locations is meant to “protect the value of its estate,” the company said. It doesn’t believe that having these sales will prevent it from completing a going concern transaction.
“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,” Bruce Thorn, the President and CEO of Big Lots said in Thursday’s statement.
Big Lots filed for Chapter 11 bankruptcy in September and announced the closing of hundreds of its stores nationwide.
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