The Morganton Big Lots on Burkemont Avenue will soon be closing its doors along with 65 other stores in North Carolina.
Big Lots, Inc. announced on Thursday, Dec. 19, that the remaining stores would begin their “going out of business” sale. No specific closure date has been announced, including the local store at 1251 Burkemont Ave.
The company had planned to sell its business to a buyer called Nexus Capital Management; however, the deal was unsuccessful. The company still hopes to complete a sale by early January.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, president and chief executive officer. “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 (going out of business) process.”
A transfer of a “going concern” refers to selling the business as a whole versus selling off its assets. This would keep the business intact and continue operations as it is handed over to the buyer.
In September, Big Lots, Inc. filed for bankruptcy protection after announcing its plans to close 340 stores across the U.S. The Morganton location had been spared in the first round of closures, but the company has since decided to close all stores.
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I liked Big Lots, great people work there, a lot of great stuff and great prices, they will be missed. PLUS another victum of our bad accompany.
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Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
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Share with Us. We'd love to hear eyewitness accounts, the history behind an article.