DELMARVA - Retail chain Big Lots is preparing to close its remaining locations, including here on Delmarva, amidst ongoing bankruptcy struggles and a potentially failed acquisition.
The company previously filed for bankruptcy protection in September and announced its intention to sell to Nexus Capital Management. On Thursday, December 19, Big Lots announced that deal was no longer expected to proceed.
Though the company says they are exploring other strategic alternatives, it has prepared to close its remaining locations and hold a “going out of business” sale at those stores.
Big Lots currently has multiple locations on Delmarva. In Delaware, those locations include Dover, Milford, Seaford. In Maryland, the stores are located in Chester, Easton, and Fruitland.
"We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots President and CEO Bruce Thorn 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."
