AUSTIN, Texas — Efforts to save Big Lots appear to have temporarily fallen through.
The company released a statement Thursday stating it doesn’t anticipate its agreement with private equity firm Nexus Capital Management to go through. Earlier this year, plans were announced to sell its assets and business operations to Nexus.
Now the company is shifting its efforts to completing an alternative transaction, either with Nexus or another firm, with a goal of selling the company by early January. To go along with those efforts, Big Lots announced its remaining locations will undergo “going out of business” sales at its remaining stores.
In October, Big Lots announced it would add 50 more locations to an ongoing store closing list, one of which included a location in Cedar Park. Now three other locations in the Austin area will take part in the going out of business sale. Those locations are:
- Big Lots – Southeast Austin
- 801 E William Cannon Drive
- Big Lots – Austin: Spicewood Springs
- 866 Spicewood Springs Road
- Big Lots – Round Rock
- 1201 S Interstate 35 Suite 200
The sales are expected to begin in the coming days as Big Lots hopes to maximize the value of its assets. It doesn’t anticipate a change to its operations.
In the meantime, Big Lots said it will continue to serve its customers in-store and online during the process and will provide updates when available.
Big Lots initially had plans to shut down 344 of its 1,388 stores. That number has since grown to more than 550, including 16 in Texas.