National retailer Big Lots looks to be on track to shuttering its remaining stores, including its Longview location and a handful of other Washington state stores.
In a news release Thursday, Big Lots stated that a previously announced asset-purchase agreement with Nexus Capital Management was not anticipated to be completed. The retailer stated it would “work toward completing an alternative going concern transaction with Nexus or another party.”
It added, “The company’s goal would be to complete a sale by early January.”
The retailer stated it was preparing to start going-out-of-business sales at all remaining Big Lots locations “in the coming days to protect the value of its estate.”
In Washington state, Big Lots’ presence has dwindled to 6 stores, including in Vancouver, Tacoma, Kennewick, Moses Lake and Yakima. That’s down from 26 locations earlier this year.Bruce Thorn, Big Lots’ president and chief executive officer, said in Thursday’s release, “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 (going out of business) process.”
The company says it is continuing to serve customers in store and online “and will provide updates as available.”
Columbus, Ohio-based Big Lots, which has been rapidly shrinking its retail footprint nationwide this year with a series of closures, filed for bankruptcy in September and entered into a buyout deal with Nexus.
The retailer has blamed its spiral on inflation and high interest rates as customers reduced spending.
