Cloudy with snow showers mainly during the evening. Low 24F. Winds NW at 10 to 15 mph. Chance of snow 50%..
Cloudy with snow showers mainly during the evening. Low 24F. Winds NW at 10 to 15 mph. Chance of snow 50%.
Updated: December 20, 2024 @ 8:45 pm
The Big Lots location at 809 South Lycoming Mall Road is one of the local stores that will begin a going-out-of-business sale after the troubled retailer could not find a buyer.
The Big Lots location at 809 South Lycoming Mall Road is one of the local stores that will begin a going-out-of-business sale after the troubled retailer could not find a buyer.
Muncy, Pa. — The discount home and furniture retailer Big Lots announced Thursday that the company will initiate a going-out-of-business (GOB) sale after efforts to find a buyer fell through.
In a press release, Big Lots, headquartered in Columbus, OH, said they no longer anticipate being able to complete a sales agreement with a private equity firm to save the company. The going-out-of-business sales are to start in the “coming days to protect the value of its estate,” according to the release.
The company hopes find a buyer by early January. Big Lots previously filed for Chapter 11 bankruptcy reorganization in September and had closed several hundred stores. Big Lots currently has more 960 store locations in the U.S., according to the website.
In the northcentral region, Big Lots has a Muncy location near the former Lycoming Mall, as well as stores in Lewisburg, Bloomsburg, and State College.
The company continues to serve customers in-store as well as online. As of Friday morning, the website stated all stores have sales of up to 50% off.
Bruce Thorn, Big Lots’ President and Chief Executive Officer, said, “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.”
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