On Thursday, we reported that Big Lots would be closing all 900+ of its locations. Locally, Big Lots has stores in Germantown and Montgomery Village.
On Friday, the company announced it was cancelling all current promotions and beginning its store closing sales. “Unfortunately, all previously advertised promotions and deals have been cancelled, including The BIG Ho-Ho-Holiday Hunt, 12 Days of Deals, etc. However, we’re still here to bring you BIG deals, starting today, get up to 25% off in every store PLUS 50% off all Christmas & Harvest decor! Also, shop online and get up to 50% off at biglots.com. Thank you all for your continued support.”
Per Big Lots: “Big Lots, Inc. (the “Company”) today announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party. The Company’s goal would be to complete a sale by early January.
In parallel with these efforts, the Company is preparing to commence going out of business (“GOB”) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate. The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction.
Bruce Thorn, Big Lots’ President and Chief Executive Officer, said, “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.”
The Company is continuing to serve customers in-store and online, and will provide updates as available.
Court filings and other information related to the proceedings, including how to file a proof of claim, are available on a separate website administrated by the Company’s claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/biglots, by calling toll-free at (844) 217-1398 (or +1 (646) 809-2073 for calls originating outside of the U.S. or Canada), or by sending an email to [email protected].”
