Big Lots Files for Chapter 11 Bankruptcy, Agrees to $707.5 Million Sale to Nexus Capital

Sep 9, 2024, 02:27 PM

Big Lots, Inc., a U.S. discount home goods retailer, has filed for Chapter 11 bankruptcy protection. The company has agreed to sell its business to Nexus Capital Management for $707.5 million. As part of the bankruptcy proceedings, Big Lots plans to close hundreds of its 1,400 stores nationwide. The company has faced a multi-year decline, exacerbated by high interest rates and a pullback in consumer spending. Nexus Capital will act as a 'stalking horse bidder' in a court-supervised auction process. Big Lots has secured interim financing to support its operations during the bankruptcy proceedings.