Photo: The Big Lots store at 875 Main Street in Southaven on Thursday, Dec. 19. (Bob Bakken/desotocountynews.com)
A national retailer with a Southaven location has announced that it has plans to close its stores and has started the process to do so.
The Big Lots store chain, based in Columbus, Ohio, Thursday announced a previously announced sale of the company to Nexus Capital Management had fallen through and Big Lots was preparing to close its remaining stores.
A location at 875 Main Street in Southaven is among the stores that Big Lots will close. A company news release on Thursday said it is continuing to work toward another solution which would have to take place by early January.
“In parallel with these efforts, the Company is preparing to commence going out of business (“GOB”) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate,” the news release said. “The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction.”
“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 process.”
The Company is continuing to serve customers in-store and online, and will provide updates as available.
The Southaven store on Thursday had not posted signs of a Going Out of Business sale as yet.
There are 12 Big Lots stores in Mississippi, including the one in Southaven. Other locations are in Tupelo, D’Iberville, Clinton, Greenwood, Gulfport, Hattiesburg, Laurel, Ocean Springs, Pascagoula, Pearl, and Vicksburg.
