Is Big Lot closing? Bankruptcy sale for retail chain fails

More bad news for Big Lots.

The Columbus-based retail chain announced Thursday that it has begun going out of business at all remaining locations due to the collapse of the company’s acquisition from Chapter 11 bankruptcy.

Here’s the latest.

Nexus’ takeover of Big Lots fails

Big Lots recently reached an agreement to be acquired by Nexus Capital Management LP as part of its bankruptcy proceedings.

But on Thursday, the company said it does not expect to close on its previously announced asset purchase agreement with Nexus Capital Management. However, Big Lots is working to enter into another purchase agreement with Nexus or another party, with the goal of completing the sale by early January, according to the statement.

Big Lots will begin ceasing business sales at all remaining locations

In addition to plans for a new purchase agreement, Big Lots will soon begin ceasing operations (“GOB”) at all remaining locations “to protect the value of its properties,” the statement said. The company believes these sales will not impede the sale of a deal, the statement added.

“We have all worked extremely hard and taken every step to complete a going concern sale,” said Bruce Thorn, President and CEO of Big Lots. “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 GOB process.”

Big Lots is closing more than 400 locations nationwide, many of them in Ohio

Big Lots has closed more than 400 stores nationwide as part of its bankruptcy proceedings, including 20 in Ohio. They are:

Aurora: 7155 Market Place Drive, Aurora, Ohio 44202
Blue ash: 4154 Hunt Road, Blue Ash, Ohio 45236
Braunschweig: 1733 Pearl Road, Brunswick, Ohio 44212
Cincinnati: 8576 Beechmont Ave., Cincinnati, Ohio 45255
Cincinnati: 11372 Princeton Pike, Cincinnati, Ohio 45246
Cincinnati: 9690 Colerain Ave., Cincinnati, Ohio 45251
Cincinnati Eastgate: 4585 Eastgate Blvd., Cincinnati, Ohio 45245
Columbus Grandview: 1451 W 5th Ave., Columbus, Ohio 43212
Dayton: 359 Miamisburg Centerville Road, Dayton, Ohio 45459
Despite: 1520 N. Clinton St., Defiance, Ohio 43512
Highland Heights: 6235 Wilson Mills Road, Highland Heights, Ohio 44143
Mount Vernon: 1550 Coshocton Ave., Mount Vernon, Ohio 43050
Newark: 311 Deo Drive, Newark, Ohio 43055
North Olmstead: 26425 Great Northern Plaza, North Olmstead, Ohio 44070
Rossford: 9880 Olde US 20, Rossford, Ohio 43460
Saint Marys: 1170 Indiana Ave., Saint Marys, Ohio 45885
Sandusky: 410 E. Perkins Ave., Sandusky, Ohio 44870
Toledo: 4925 Jackman Road, Toledo, Ohio 43613
West Chester: 7779 Tylersville Road, West Chester, Ohio 45069
Westerville: 60 E. Schrock Road, Westerville, Ohio 43081

The company lists 102 Ohio locations on its website and currently operates more than 1,350 stores across the U.S., up from 1,425 in early 2023.

Big Lots files for bankruptcy protection

Big Lots filed for bankruptcy protection on September 9, The Dispatch previously reported. The company blamed inflation and high interest rates for the burden on its customers.

Los Angeles-based investment firm Nexus Capital Management has agreed to buy the majority of its assets, the company said.

For now, Big Lots continues to serve customers in-store and on its e-commerce website.

Big Lots plans to close its Columbus distribution center, causing 379 workers to lose their jobs

The week before its bankruptcy announcement in September, Big Lots said it planned to close a distribution center in Columbus, causing 379 workers to lose their jobs, the Dispatch reported.

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Is Big Lot closing? Bankruptcy sale for retail chain fails

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