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Big Lots, Inc., a major discount retailer, announced on December 19, 2024, that it no longer expects to finalize its previously disclosed asset purchase agreement with Nexus Capital Management. Despite this setback, the company continues to explore alternative options for a going concern transaction, potentially with Nexus or another interested party. The goal is to reach a resolution by early January.
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In preparation for all outcomes, the company is set to begin going out of business sales at all its remaining store locations in the coming days. This move is intended to safeguard the value of its estate while efforts to secure a going concern transaction continue. According to the company, the initiation of GOB sales will not interfere with its ability to finalize a sale if an agreement is reached.
Big Lots, which operates 963 stores across 47 states, will maintain its in-store and online customer services during this process. The company has stated it will provide updates on the situation as new information becomes available. Customers and creditors can access court filings and related details through the claims administrator, Kroll Restructuring Administration LLC.
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Big Lots has a significant presence in Maryland, with store locations in Capitol Heights, Catonsville, Chester, Cumberland, Dundalk, Easton, Edgewood, Elkton, Frederick, Frostburg, Germantown, Glen Burnie, Hagerstown, Middle River, Montgomery Village, Parkville, Prince Frederick, Rising Sun, Salisbury, Waldorf, and Westminster.
No layoff notices had yet been posted to Maryland’s WARN notice tracker as of the publishing of this article.
Story by multiple RFHC contributors
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