Discount retailer Big Lots is poised to close all of its remaining Connecticut stores after the company's bankruptcy restructuring plans collapsed, according to the company.
"The company is preparing to commence going out of business sales at all remaining Big Lots store locations in the coming days to protect the value of its estate," Big Lots said in a press release.
The announcement came this week after Big Lots filed for Chapter 11 bankruptcy protection back in September amid plans to close 340 stores across the United States. But the company said at the time that the closures were part of a sale agreement with an affiliate of Nexus Capital Management LP, according to a news release.
On Thursday, the company said the deal with Nexus Capital fell through and that all stores will be liquidated.
"We all have worked extremely hard and have taken every step to complete a going concern sale," said Big Lots' President and Chief Executive Officer Bruce Thorn. "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 back and forth over the last few months left employees at the Bristol location not sure if their store would be closing. The Bristol Big Lots location at 1235 Farmington Ave. was originally slated to close back in October. Despite being temporarily shuttered, the store reopened for the holiday rush, according to store employees. The manager at the Bristol location said they expect to have a going out of business sale before closing down for good.
"We are open for now, but will be closing along with the other stores," the manager for the Bristol Big Lots store said. "But I don't have a date yet for when we will be closing. For now, we are open and anticipating liquidation sales."
There were also several announced Big Lot closings in August, including stores in Manchester, Milford, Waterford, Newington, New Milford, Norwich, Torrington, Waterbury and Windsor, according to the company. The company has not announced a final day of business yet.
At the end of 2023, Big Lots operated nearly 1,400 stores in 48 states, according to the company.