After announcing the closure of hundreds of stores and filing for Chapter 11 bankruptcy, Big Lots is preparing to have “going out of business” sales at all remaining Big Lots store locations, including the one in Galesburg.
While there was no signage indicating a “going out of business” sale at the location at 1280 N. Henderson St., an employee in the Galesburg store said they were told that all the Big Lots stores are planning to close.
In a news release linked to the Big Lots website, a statement reads:
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 news released added Big Lots is continuing to serve customers in-store and online, and will provide updates as available.
Galesburg has one of 17 Big Lots stores in Illinois.
WGIL has reached out to Big Lots corporate office for more details.