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COLUMBUS, Ohio — Big Lots, Inc. announced today that it does not expect to finalize its previously announced asset purchase agreement with Nexus Capital Management. Despite this setback, the company remains focused on completing an alternative going concern transaction with Nexus or another party, with a goal to finalize a sale by early January 2025.
In parallel, Big Lots is preparing to launch going-out-of-business (GOB) sales at all its remaining store locations in the coming days to preserve the value of its estate. The company emphasized that the GOB sales will not prevent it from achieving a going-concern transaction.
"We all have worked extremely hard and have taken every step to complete a going concern sale," said Bruce Thorn, President and CEO of Big Lots. "While we remain hopeful that we can close an alternative 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 has reassured customers that its stores and online platforms will remain operational during this period, promising to share updates as they arise.
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Big Lots has engaged a team of advisors to guide the process, including Davis Polk & Wardwell LLP as legal counsel, Guggenheim Securities, LLC as financial advisor, AlixPartners LLP as restructuring advisor, and A&G Real Estate Partners as real estate advisor.
Court filings and additional details related to the company's proceedings, including instructions for filing a proof of claim, are available on the Kroll Restructuring Administration LLC website at https://cases.ra.kroll.com/biglots. Customers can also contact Kroll at (844) 217-1398 (toll-free) or +1 (646) 809-2073 for international calls or by email at biglotsinfo@ra.kroll.com.
