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The struggling retailer Big Lots is conducting going-out-of-business sales at all its stores, though it's still holding out hope for a buyer to keep the business going.

A deal fell through to sell the Columbus, Ohio-based discount retailer to Nexus Capital Management. Now Big Lots is launching liquidation sales at all its stores, including in Schererville, Hobart, Portage and Michigan City.

Big Lots filed for bankruptcy and has since announced waves of store closures across the country, including just across the state line in Calumet City. It is working toward completing a going concern sale with either Nexus or another party by early January.

It is launching going-out-of-business sales at its remaining stores across the country to protect the value of its estate.

"We all have worked extremely hard and have taken every step to complete a going concern sale. 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 going out of business process," President and CEO Bruce Thorn said.

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It believes that liquidating the merchandise on the shelves will not affect its ability to negotiate a deal with a buyer.

A fixture in commercial trade areas around the country, Big Lots is a discount retailer that sells housewares, home decor, mattresses, furniture, patio furniture, grocery items, toys, electrics, health and wellness products, beauty and personal care items, back-to-school goods, seasonal holiday products and other general merchandise.

After years of decline, Big Lots filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware to reorganize its debts as it hoped to find a buyer to keep it a going concern. It has been closing underperforming stores and pursing other initiatives as it looks to restore profitability.

The troubled retailer recently shuttered its longtime store at 1699 River Oaks Drive in River Oaks West Shopping Center in Calumet City as it's shrunk its footprint around the country.

Big Lots dates back to 1967. It grew to more than 1,200 stores and more than $6 billion in revenue. But traditional brick-and-mortar retailers have struggled as e-commerce gobbled up part of their market share, leading to the downfall of many long-established brands like Circuit City, Bed, Bath and Beyond, Gander Mountain, MC Sports, Sears, Kmart, Carson's, Payless, Fry's Electronics and many more.

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Business Reporter

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