Big Lots planning going out of business sales
At Big Lots, everything must go.
The Columbus, Ohio-based retail chain announced Thursday that it was planning to close all locations. The company, which filed for bankruptcy protection in September and had previously announced its intention to close almost 400 stores. In a statement, the company said plans to sell assets to the private equity firm Nexus Capital Management were no longer expected to proceed, and as a result all stores would be shuttered after a company-wide “going out of business” sale. The company operates three locations in the Augusta area: 2708 Peach Orchard Road in Augusta, 406 E. Martintown Road in North Augusta, and 526 N. Belair Road in Evans.
Big Lots CEO Bruce Thorn said that while the current plan involves closing all stores, they are still working to find a way to salvage the struggling chain.
“We have all worked extremely hard and have taken every step to complete a going concern sale,” he said. “While we remain hopeful that we can close a transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin with the (going out of business) process.”