Big Lots, Inc. announced on December 19 that it does not anticipate closing its previously announced asset purchase agreement with Nexus Capital Management. Instead, the company continues to pursue a going concern transaction with Nexus or another party, aiming to complete the sale by early January.
In parallel, Big Lots is preparing to start going out of business sales at its remaining store locations in the coming days to protect the value of its estate. The company believes that these sales will not preclude it from effectuating a going concern transaction.
Big Lots’ President and Chief Executive Officer, Bruce Thorn, stated that the company has taken every step to complete a going concern sale but made the difficult decision to begin the GOB process due to protection of the Big Lots estate. The company remains committed to serving customers in-store and online, with updates available as needed.
Court filings and other information related to the proceedings can be found on a separate website administrated by Kroll Restructuring Administration LLC. Big Lots has advised several firms, including Davis Polk & Wardwell LLP for legal counsel, Guggenheim Securities, LLC for financial advisor, AlixPartners LLP for restructuring advisor, and A&G Real Estate Partners for real estate advisor.
Big Lots is a closeout retailer focused on extreme value, dedicated to delivering bargains to its customers. The company has delivered over $176 million in philanthropic support to critical needs in hunger, housing, healthcare, and education through the Big Lots Foundation.
Source: https://www.prnewswire.com/news-releases/big-lots-provides-update-on-court-supervised-process-302336368.html