‘Big’ Retail Giant in ‘Lots’ of Financial Trouble Likely Closing All Stores for Good

A retailer with locations across the country, including one here in Utica, is facing serious financial hardship and will likely close all of their remaining stores. What was supposed to be a lifeline for the company has collapsed and that has led to the difficult announcement made Thursday.

A website knowns as PR Newswire reported Thursday that Big Lots, which filed for Bankruptcy protection in September, is now facing a new wave of bad luck, LOTS of it. An article states,

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.

As a result of the difficult news and the collapse of the sale to Nexus Capital, the Big Lots Corporation is moving into the planning phase of holding "Going Out of Business" sales at each of its over 900 stores nationwide.

In the same article, Big Lots President and Chief Executive Officer Bruce Thorn 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.

Until the official word comes down and the final decision is made, Big Lots remaining locations will continue to serve customers online and in stores. That includes the local location at 350 Leland Avenue in North Utica. This is one of many retail stores that is feeling the impact of tough financial times.