New York
CNN
—
Big Lots is preparing to close its remaining 963 locations after a sale to save the bankrupt retailer fell through.
The company previously announced it was selling “substantially all” of its assets to private equity firm Nexus Capital Management in September, but Big Lots said in a statement Thursday it “does not anticipate completing” the transaction.
As a result, Big Lots is starting its “going out of business” sales at all remaining locations in the coming days. However, it still plans to explore other options to save the company, including negotiating with Nexus or another buyer, with the aim of completing a sale by early January.
Up to 555 employees will lose their jobs, according to a layoff notice. Among…
