Big Lots Launches Going-Out-Of-Business Sales Amid Bankruptcy

Big Lots, the discount retail chain, has initiated going-out-of-business sales due to a failed acquisition by Nexus Capital Management. After filing for Chapter 11 bankruptcy in September, the company struggled with increased competition and diminished consumer spending, leading to substantial store closures. Although Big Lots hopes to complete an alternative sale by January, it is now focused on liquidating its assets to protect its remaining value. Previously, the chain operated nearly 1,400 stores across the U.S. before announcing the decision to close down as part of its restructuring efforts.