Consumer
Big Lots Sale to Nexus Falls Apart, Plans to Close Business
- Appraisal values for the retailer’s inventory came in low
- Landlords had wanted to know why Nexus sale hadn’t progressed
A Big Lots store in Los Angeles, California.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Bankrupt retailer Big Lots Inc. no longer anticipates it can complete its asset sale to private equity firm Nexus Capital Management LP and will commence the sale of its stores in coming days to protect the value of its real estate.
The discount chain that employs more than 27,000 people said in a statement Thursday it continues to look for another way to stay in business through a transaction it would look to complete by the end of January if a deal can be struck.