Big Lots In Cherry Hill Entering Liquidation Sales

CHERRY HILL, NJ — Big Lots is preparing liquidation sales at all stores, including Cherry Hill's, after the discount retailer's efforts to find a buyer collapsed.

The bankrupt company announced Thursday that its previously announced restructuring plan fell through. As a result, all remaining Big Lots locations will hold going out of business sales as the retailer makes a last-ditch effort to find a buyer.

Liquidation sales will commence "in the coming days," the company said in a news release.

Big Lots in Cherry Hill was already slated to close, according to bankruptcy filings from October. But Big Lots has not announced when that store or any of its other remaining locations will cease operations.

After filing for Chapter 11 bankruptcy in September, Big Lots hoped to stay afloat by closing hundreds of locations and selling its assets for $620 million to Nexus Capital Management, a private equity firm.

The company hopes to reach an agreement with Nexus or another buyer by early January.

"We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots CEO Bruce Thorn said in a statement. "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."

Big Lots is down to 18 New Jersey stores after closing nine of its locations since October.

Cherry Hill's store is located at 949 Church Rd.