Three Big Lots in Ocala and over 1,000 other locations across the United States will permanently close their doors soon, just months after the discount retail chain closed over 100 locations and unsuccessfully attempted to sell off its assets to stay in business.
The Big Lots locations at 2653 E Silver Springs Boulevard, 6851 SE Maricamp Road, and 8602 SW Highway 200 in Ocala will all close their doors in the coming months, according to a press release issued by the company on Thursday.
“Big Lots, Inc. (the “Company”) today announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party,” reads the statement.
The company says that it’s “goal” would be to “complete a sale by early January.”
As a result of the shortcoming, the company says that it is preparing to “commence going out of business sales” at its remaining locations in the coming days. The company believes that the going out of business 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. 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,” said Big Lots President and Chief Executive Officer, Bruce Thorn.
The locations in Ocala and across the nation will continue to serve customers “in-store and online,” and will provide updates on closures as they become available.
In September, Big Lots Stores, Inc. filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware to facilitate an agreement with an “affiliate of Nexus Capital Management LP” to acquire “all of the company’s assets and ongoing business operations.”
Nexus Capital Management was founded by Michael Cohen and Damian Giangiacomo. The business is headquartered in Los Angeles, California. The company also has investments in Dollar Shave Club, FTD/ProFlowers, TOMS, and several other well-known companies.
At the time, Thorn reported that the company was “adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control.”
Although it saw steadily improving performance, the board determined that selling the company was the “best path forward to maximize value and ensure continued operations.”
Before announcing the nationwide closures this month, over the past several months, over two dozen stores in Florida were among the over 100 stores that were closed.
That included three locations in Orlando and several others in Central Florida. The stores in Ocala and surrounding areas were not included on the original closure list.
According to a filing with the U.S. Securities and Exchange Commission, the company previously warned that it would likely close at least three dozen locations this year.
That number grew to over 100 in the weeks that followed and now includes over 1,000 locations scattered through four dozen states. Over 100 of those locations are in the state of Florida.
Outside of Ocala, there are nearby Big Lots stores in Crystal River, Inverness, Leesburg, Eustis and Gainesville.