Big Lots liquidation looms after plan to sell to Nexus Capital falls apart

By Reshmi Basu | Bloomberg

Big Lots does not expect to complete a planned sale of its business to private equity firm Nexus Capital Management LP, putting the discount retailer that employs more than 27,000 people at risk of liquidation.

The company said it continues to work toward completing an alternative transaction with Nexus or another party, and aims to complete that by early January, it said in a release.

A valuation appraisal of the bankrupt company’s inventory came in lower than expected...