Big Lots closes remaining stores and goes out of business

Big Lots, the Columbus-based retailer, plans to close all remaining stores and go out of business by early January, ending 57 years of discounting.

The business announced Thursday that it would close after failing to reach an agreement to be acquired by Nexus Capital Management out of bankruptcy. Bruce Thorn, president and chief executive officer of Big Lots, said in a news release that the company will continue to search for a buyer.

“We have all worked extremely hard and taken every step to complete a going concern sale,” Thorn said in the release. “While we remain hopeful that we can complete an alternative going-concern transaction, in order to protect the value of the Big Lots property, we have made the difficult decision to initiate the going-out-of-business (GOB) process. to initiate.”

The company said it would begin ceasing sales at its remaining locations.

Founded in 1967 as Consolidated International, the chain emerged in 1982 as Odd Lots/Big Lots and was one of the country’s first discount retailers. The chain thrived for decades but ran into trouble in recent years and filed for bankruptcy in September.

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Big Lots closes remaining stores and goes out of business

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