Big Lots, a Columbus-based retail chain, announced that it has started going out of business sales at all remaining locations as the company's acquisition out of Chapter 11 bankruptcy has fallen through.
The company recently entered into an agreement to be acquired by Nexus Capital Management LP as part of its bankruptcy proceedings.
But on Thursday, Big Lots "announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management." Big Lots is working to complete another purchase agreement with Nexus or another party, according to the statement, with the goal of having the sale complete by early January.
In addition to the plans for the new purchase agreement, Big Lots will soon start going out of business ("GOB") sales at all remaining locations "to protect the value of its estate," according to the statement. The company believes these sales will not hinder any deal to sell, the statement continued.
Which Akron Big Lots locations will be closing?
Big Lots has closed more than 400 stores nationwide as part of its bankruptcy process, including 20 in Ohio. Now that all stores will be closing, 10 stores in Greater Akron will join the list. They are:
The company lists 102 Ohio locations on its website and currently operates more than 1,350 stores in the U.S., down from 1,425 in early 2023.
Big Lots laying off hundreds including CEO
Big Lots also announced Thursday that it was laying off 555 corporate workers including its CEO, according to the Columbus Dispatch. The company reported to the state that the workers will be laid off starting Dec. 29, at the corporate office in Columbus.
The biggest job categories impacted include buyers, IT staff and merchandise coordinators. The list provided to the state also includes "president and CEO," a role held by Bruce Thorn.
When did Big Lots file for bankruptcy?
Big Lots filed for bankruptcy protection on Sept. 9, the Dispatch reported previously. The company blamed inflation and high interest rates for taking a toll on its customers.
Los Angeles-based investment company Nexus Capital Management had agreed to buy most of its assets, the company said.
For now, Big Lots is continuing to serve its customers in the store and on its e-commerce site.
Other chain companies that have filed for bankruptcy
Big Lots isn't the latest chain with a presence in Ohio to file for bankruptcy. Party City's CEO announced Friday that it would be closing all its stores, including locations in Greater Akron and Northeast Ohio, and told employees it was their last day of work. Others companies that have filed for bankruptcy include True Value, Red Lobster, Rite Aid, and Bed Bath & Beyond.
Party City closing all stores:Here are Greater Akron locations
Chad Murphy and Jim Weiker contributed to this report.