MUNCIE, Pa. — Big Lots, a discount home and furniture retailer, announced Thursday it is launching a going-out-of-business (GOB) sale after efforts to find a buyer failed.
Big Lots, headquartered in Columbus, Ohio, said in a press release that it no longer expects to be able to complete a sale agreement with a private equity firm to save the company. The out-of-business sale “will begin within the next few days to protect the value of the assets,” according to the release.
The company hopes to find a buyer by early January. Big Lots filed for Chapter 11 bankruptcy in September and closed hundreds of stores. Big Lots currently has more than 960 stores in the United States, according to its website.
In the North Central region, Big Lots has a Muncie store near the former Lycoming Mall, as well as locations in Lewisburg, Bloomsburg and State College.
The company continues to serve customers in-store as well as online. As of Friday morning, the website said there was a sale up to 50% off storewide.
bruce thorn“All of us have worked extremely hard and taken every step to complete the going concern sale, and we are thrilled to be able to complete the alternative going concern transaction,” said Big Lots President and CEO. While we remain hopeful, given the value of Big Lots’ real estate, we have made the difficult decision to begin the GOB process.”
