By MICHAEL CRIMMINS
Glasgow News 1
Big Lots announced that it is commencing “going out of business” sales at all remaining stores. The retailer employs roughly 27,700 people across its 1,300 stores.
Glasgow’s Big Lots is located at 942 Happy Valley Road in the Central Center shopping plaza.
The company declared Chapter 11 bankruptcy on Sept. 9 in the U.S. Bankruptcy Court for the District of Delaware and entered into an “Asset Purchase Agreement” with Nexus Capital Management, which agreed to acquire substantially all of the company’s assets and business operations. Chapter 11 bankruptcy is a legal process that allows for restructuring and reorganizing while continuing to operate.
Big Lots stated in a press release 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.”
Big Lots’ goal would be to complete a sale by early January, the release stated.
