Retail chain Big Lots is shutting down its remaining stores, including those on Delmarva, due to ongoing financial struggles and a failed sale agreement.
The company, which filed for bankruptcy in September, had planned to sell its business to Nexus Capital Management. However, on December 19, Big Lots announced that the deal would no longer move forward.
While the company is exploring other options, it has started preparations to close its stores and will hold “going out of business” sales.
Big Lots operates several stores on Delmarva, including locations in Dover, Milford, and Seaford, Delaware, and Chester, Easton, and Fruitland, Maryland.
We’ve worked incredibly hard to save the business, said Bruce Thorn, Big Lots President and CEO. Although we hope to find another solution, we’ve made the tough decision to begin closing our stores to protect the value of the company.