Middletown Part Of Big Lots Stores' Final Countdown

CONNECTICUT — Middletown and the other remaining Big Lots Stores in Connecticut — and elsewhere for that matter — are about to fall into the retail abyss.

The Columbus, Ohio — based chain announced Thursday that an anticipated purchase agreement with Nexus Capital Management has fallen through. Though Big Lots officials said the company "continues to work toward completing an alternative going concern transaction with Nexus or another party (with an early January deadline), the company is preparing to commence going out of business sales at all remaining Big Lots store locations."

Store locators do not reflect the announcement yet and the sales are to take place "the coming days," officials said.

Company officials said there is still hope for the aforementioned sale of the chain.

Big Lots President and Chief Executive Officer Bruce Thorn, said, "We all have worked extremely hard and have taken every step to complete a going concern sale. 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."

In addition to Middletown the remaining stores in Connecticut include:

• East Hartford
• Bristol
• Wallingford
• North Haven
• Derby

Bristol was listed as being on the chopping block in October, but a store locator Friday had it as still operating.

"The Company is continuing to serve customers in-store and online, and will provide updates as available," officials said of the imminent going out of business sales.

Big Lots in early September announced that it had filed for voluntary Chapter 11 Bankruptcy Protection. The filing was made in the U.S. Bankruptcy Curt in Delaware.

Shortly after, the chain, for stores in Manchester, Milford, Waterbury and Waterford, requested permission to formally exit the leases in those towns.

About a month later, it was announced that Bristol and East Haven were closing.

Over the summer, stores closed in Windsor, New Milford, Waterbury, Torrington and Norwich.