PRINCE FREDERICK, Md. — Big Lots, Inc. announced on Dec. 19, 2024, that it is preparing to close its remaining 963 locations after a proposed sale to Nexus Capital Management fell through. The decision marks a significant turning point for the once-prominent retailer as it commences “going out of business” (GOB) sales nationwide.
In September, Big Lots had revealed plans to sell “substantially all” of its assets to private equity firm Nexus Capital Management. However, in a recent statement, the company admitted it “does not anticipate completing” the transaction.
Despite initiating GOB sales, Big Lots emphasized its continued efforts to explore alternatives, including negotiations with Nexus or another potential buyer. The company’s goal is to finalize a sale by early January, which could preserve some operations.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ President and CEO, in a press 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 GOB process.”
The retailer confirmed it will continue serving customers in-store and online during the GOB process. Updates on the company’s future will be provided as they become available.
Big Lots’ closure will affect all 21 stores in Maryland, including its locations in Prince Frederick and Waldorf. The Prince Frederick store, situated in the Fox Run Shopping Center, opened in early 2022.
The timeline for the nearly 1,000 remaining store closures remains uncertain, and it is unclear if a completed sale could prevent some locations from shutting down.
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