Big Lots can't find buyer, holding going out-of-business sales at all locations

DECATUR, Ill. (WAND) - Big Lots said Thursday it will hold going-out-of-business sales at all of its remaining locations after failing to complete an agreement with an investment firm.

The beleaguered discount store chain is still working to find a suitor to keep its business afloat.

In September, Big Lots filed for bankruptcy. The company previously announced the closure of hundreds of stores - including at its Decatur and Champaign locations.

There are several Big Lots locations in central Illinois, including in Danville, Springfield, and Mattoon.

Some stores have already been holding going-out-of-business sales, such as Decatur. The Champaign store closed earlier this year.

"We all have worked extremely hard and have taken every step to complete a going concern sale," Bruce Thorn, Big Lots' President and Chief Executive Officer, said in Thursday's statement. "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 (going-out-of-business) process."

A going concern sale is when a buyer acquires a business and continues to operate it as normal.

Big Lots did not say why its agreement with Nexus Capital Management fell apart. But it hopes to complete a sale by the end of January.

It's not clear what would happen to the remaining locations that are still open if a sale isn't completed by the end of January.

Big Lots is headquartered in Columbus, Ohio, and already announced hundreds of layoffs at its corporate offices. The company said it employs more than 27,000 people nationwide.