Big Lots announces plans to close all stores

Big Lots is announcing that it will be closing all of its stores after a deal to bail out the struggling company fell through.

The closings would affect all the remaining stores, including those in Columbus, Seymour, Shelbyville. The closing of a store in Franklin had already been announced earlier this year.

The Ohio based company announced plans to start going-out-of-business sales at all remaining store locations after a deal with Nexus Capital Management fell through. Corporate officials have also filed a notice with the state of Ohio indicating that layoffs of more than 550 employees at their Columbus headquarters will begin by the end of the month.

All layoffs are expected to be completed by April.

The company had announced in October that it was closing Nearly 500 stores across the country after the retailer filed for Chapter 11 bankruptcy protection.

Story courtesy of TTWN Media Networks