4 Remaining Big Lots Stores In Hudson Valley Will Close

HUDSON VALLEY, NY — Big Lots has started a going out of business sale at all locations as the discount retailer's attempts to find a buyer in bankruptcy have fallen though.

Big Lots announced last week that it has not completed its previously announced purchase agreement with Nexus Capital Management, though it continues to attempt to finalize an agreement with Nexus or find another buyer.

"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 analternative 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."

Big Lots said it continues to serve customers in-store and online, and will provide updates as available.

Founded in 1967, the company first operated as Consolidated International with closeout and discount stores under a variety of names. In 2001, the various store names and companies were converted to the single national Big Lots brand.

The Big Lots website currently lists 50 Big Lots locations in New York, including the four remaining stores in the Hudson Valley:

• Kingston
• Newburgh
• Saugerties
• Wappingers Falls

SEE ALSO: More Big Lots Stores In Hudson Valley To Close, Some Spared

After recently voicing concerns about the company's long-term viability, Big Lots filed for Chapter 11 bankruptcy on Sept. 9. This decision came a month after 300 locations nationwide had been announced to close.

Big Lots had 1,389 stores before the initial round of closures, but Columbus Business First reported that the closeout retailer had been shutting down around 50 locations weekly nationwide.

In October, the company announced the closures of the Kingston, Middletown and Wappingers Falls locations, with the Poughkeepsie store previously announced as closing. At the time, the Newburgh and Saugerties were to still remain open.