The Big Lots store in Frackville will soon close its doors as the company begins going out of business (GOB) sales at all remaining locations nationwide.
The announcement comes as Big Lots, Inc. works to protect the value of its estate while exploring the possibility of an alternative sale.
In a statement released Thursday, the company revealed that it does not expect to finalize its previously announced asset purchase agreement with Nexus Capital Management. However, it continues to pursue a potential transaction with Nexus or another interested party, with the goal of completing the sale by early January.
Bruce Thorn, President and CEO of Big Lots, addressed the challenges the company faces. "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."
The liquidation sales, set to begin in the coming days, will mark the beginning of the end for all Big Lots locations, including the Frackville store. Despite this, the company has assured customers it will continue serving them both in-store and online throughout the process.
Big Lots has yet to provide specific details about the timeline for the Frackville store’s final day of operation, but updates are expected as the liquidation process unfolds.
UPDATE: According to a letter received by employees, the Tremont Distribution Center will close January 6th, 2025.