Big Lots initially filed for Chapter 11 bankruptcy in September. To meet that goal, the discount store is “preparing to commence going out of business sales at all remaining Big Lots store locations.”. “We all have worked extremely hard and have taken every step to complete a going concern sale,” Bruce Thorn, Big Lots Inc. president and chief executive officer, said. “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.”.
Some items expected to be discounted include electronics, accessories, home decor, furniture, and food items. Although the company didn’t specify when these deals will end, they’re expected to last until all stores officially close. The voluntary Chapter 11 proceedings will “make the proposed transaction subject to higher or otherwise better offers.”.
“We also intend to continue optimizing our store footprint during the process. Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers,” the website read.
