Big Lots Announces Going Out of Business Sale – Plans to Close All Locations, Including Cortland

In a press release yesterday afternoon, Big Lots has announced they will be going out of business with a “going out of business” sale beginning at all remaining locations within the coming days. The announcement comes after the company said it does not anticipate completing an asset purchase with Nexus Capital Management. All remaining stores, including the Cortland location, are now expected to close unless a last minute deal is made.

“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.”

Said Bruce Thorn, Big Lots’ President and Chief Executive Officer.

Big Lots say they will continue to serve customers both online and in stores and provide ongoing updates regarding the process of going out of business. The company has faced difficulties this year. Big Lots declared Chapter 11 Bankruptcy back in September and closed around 400 stores, including the location in Lansing.