Company holds 'going out of business' sales after private equity deal falls through

More than 300 Big Lots stores closed this year, and the discount retailer is preparing to close the remaining 963. The company says it is preparing to hold "going out of business" sale at its surviving locations after a deal to sell its assets to private equity firm Nexus Capital Management didn't work out, CNN reports. The chain, which sells furniture and home decor and employed around 30,000 people before the first wave of closures, announced the Nexus deal when it filed for bankruptcy in September. Big Lots blamed factors including inflation and high interest rates for the bankruptcy.