Big Lots announces going out of business sales at all locations, Peru included

The company that operates Big Lots in Peru announced it is preparing to move forward with going out of business sales at all remaining Big Lots stores in the coming days.

The company announced Thursday it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, according to a news release.

Big Lots, Inc will continue to work to completing an alternative concern transaction with Nexus or another party with the goal to complete a sale by early January, according to the release. A “going concern” means a business has what it needs to operate normally and sustainably. A going concern sale is when a business is sold to a buyer who can continue to operate the business as it is, without any need to liquidate.

The company said its going out of business sales at all remaining 963 Big Lots store locations in the coming days is being done to protect the value of its estate.

“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 in a news release. “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 [going out of business] process.”

Big Lots is continuing to serve customers in-store and online, and will provide updates as available, according to the release.

Big Lots filed for bankruptcy in September.

As of Thursday afternoon, the Peru location doesn’t have a “closing this location sign” hanging outside, as indicated by Big Lots website for customers to determine if their store location is closing.

Peru Mayor Ken Kolowski said six-months ago he told residents the local Big Lots was not in jeopardy of closing – but these things change very quickly.

“If this does happen,” he said. “It will be a big loss to the tax base here in Peru, but it is in a prime location and hopefully we can get someone in there quickly.”

Shaw Local has sent an email to Big Lots inquiring about the status of the Peru location.