Discount chain Big Lots is liquidating its assets at all stores after a purchase agreement failed to materialize.
The company announced Thursday that it would be holding a going out of business sale at all stores.
There are 33 Big Lots locations in Virginia, according to the retailer’s website, including retail outlets in Waynesboro and Harrisonburg.
The Big Lots location in Staunton closed previously, and the property is slated to be the new location for the Staunton Juvenile & Domestic Relations Court scheduled for completion in late 2025.
Locations in Virginia that had already been scheduled to close included Charlottesville, Fredericksburg, Lynchburg, Manassas, Norfolk, Richmond (two stores), Virginia Beach and Woodbridge. The initial closures were announced in September as part of Chapter 11 bankruptcy court proceedings.
The company blamed the pandemic, high inflation and interest rates for its demise saying core customers had “curbed their discretionary spending.”
In court filings on Thursday, Big Lots reported it does not anticipate completing its deal with Nexus Capital Management, but it remains hopeful another party may come forward and a sale could happen early next year.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ president and chief executive officer. “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 (going out of business) process.”
The managing director of Nexus had previously said he believed Big Lots had “incredible potential” and believed the retailers “greatest days” were ahead.
Big Lots is continuing to serve customers in-store and online.
An email sent to customers Friday morning advertised 25 percent off everything in the store with some exceptions. Christmas and harvest décor is now 50 percent off, according to the email.
All sales are final.
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Crystal Graham
