KYLE MURPHYStaff Writer

Following the closure of hundreds of its stores and filing for Chapter 11 bankruptcy protection, discount retailer Big Lots has announced all locations will begin “going out of business” sales, including the Tullahoma location.

In a press release, the company was preparing to commence going out of business sales at all 960 remaining Big Lots store locations after failing to complete its sales to Nexus Capital Management, a private equity firm, which was announced back in September when the company filed for bankruptcy protection.

“The company 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,” the press release said. “The company’s goal would be to complete a sale by early January.”

Company officials added in parallel with these efforts, the going out of business sales at all remaining store locations was to protect the value of its estate, as the company believed that the 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,” Bruce Thorn, Big Lots President and CEO, said. “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 going out of business process.”

Locally, Big Lots has been a staple in Tullahoma for years, first opening in its first location at Northgate Mall in November 1988, and moving to its second location up North Jackson Street in the old Kmart building, sharing residency with Hobby Lobby, in June 2021.

Company officials said Big Lots will continue to serve customers in-store and online, and will provide updates as available. The Big Lots in Tullahoma is located at 1806 North Jackson St. and business hours are 8 a.m. to 11 p.m. Friday through Monday, 7 a.m. to 8 p.m. Tuesday, closed on Wednesday and 8 a.m. to 9 p.m. Thursday.