Low cost retail chain Massive Heaps is internet hosting a large “GOB” — going out of enterprise — sale, in anticipation of a attainable company-wide closure.
The Columbus, Ohio-based chain has not come out and mentioned it’s going out of enterprise — however as a substitute that’s holding the going-out-of-business gross sales to guard the worth of the corporate.
“All of us have labored extraordinarily laborious and have taken each step to finish a going concern sale,” Massive Heaps president and CEO Bruce Thorn mentioned in an announcement. “Whereas we stay hopeful that we will shut an alternate going concern transaction, to be able to defend the worth of the Massive Heaps property, we’ve got made the tough choice to start the GOB course of.”
The sell-off comes after a stalled sale of Massive Heaps to Nexus Capital Administration, which was in movement after Massive Heaps initiated chapter proceedings below Chapter 11 in September.
At the moment, they executed a first spherical of closings — a complete of 344 shops that included 4 in Houston. They adopted that with one other spherical of closures in October that took 5 extra Houston-area shops.
On December 19, Massive Heaps decided that the sale wouldn’t be transferring ahead.
In line with Quick Firm, Massive Heaps didn’t clarify why it was unable to finish a sale to Nexus, apart from reviews that an appraisal of Massive Heaps’ stock got here in beneath expectations, which might make it unviable for Nexus Capital Administration to purchase the corporate.
Whereas they proceed to search for alternate options, the plan now could be to do the GOB sale in anticipation of an organization shutdown.
Followers will miss Massive Heaps for his or her good-quality furnishings, family items, seasonal gadgets, and connoisseur foodstuffs, in addition to fundamentals like cleansing merchandise and cereal.
There are at the moment 9 shops remaining within the higher Houston space:
- Conroe, 1404 N Loop 336 W
- Houston, 919 N Shepherd Dr
- Houston, 9795 Westheimer Rd
- Houston, 5807 E Sam Houston Pkwy N
- Humble, 9669 Fm 1960 Bypass Rd W #500
- Pasadena, 6804 Spencer Hwy
- Porter, 23741 Hwy 59
- Sugar Land, 3410 Freeway 6
- Webster, 1201 W Nasa Pkwy
