Big Lots faces setback in deal with Nexus Capital, prepares for going out of business sales

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Big Lots, Inc., a well-known retailer is likely going out of business. The retailer has announced that its previously anticipated asset purchase agreement with Nexus Capital Management is unlikely to proceed.

While the company had hoped to finalize the sale of its assets to Nexus, it now turns its focus toward securing an alternative going concern transaction.

Big Lots is working with Nexus or another interested party, with the aim of completing the sale by early January.

In light of this setback, Big Lots is taking proactive measures to protect the value of its assets. The company has made the difficult decision to begin going out of business (GOB) sales across all remaining store locations.

These sales are intended to preserve the company’s estate while the ongoing efforts to find an alternative solution continue.

Despite initiating these GOB sales, Big Lots remains hopeful that it can still achieve a going concern transaction. The company believes that the GOB process will not hinder its ability to complete a transaction that could keep the business operational.

Bruce Thorn, President and CEO of Big Lots, expressed the challenges the company has faced in his statement, “We have worked tirelessly and taken every step to complete a going concern sale.

While we remain optimistic that we can close an alternative going concern transaction, in order to protect the value of Big Lots’ estate, we have made the tough decision to begin the GOB process.”

Big Lots continues to serve its customers both in-store and online during this challenging period. The company is committed to providing updates as developments occur and remains focused on finding a solution that will ensure its long-term viability.

Customers and stakeholders seeking further information about the company’s proceedings, including how to file a claim, can access court filings and additional resources on a dedicated website managed by Big Lots’ claims agent, Kroll Restructuring Administration LLC.

The website, available at https://cases.ra.kroll.com/biglots, provides all necessary details, including customer support through toll-free numbers and email.

As Big Lots navigates this uncertain time, all eyes will be on its efforts to secure a sustainable future for the company.

The outcome of its ongoing negotiations could be crucial in determining whether the retailer can continue operating or if the GOB process will mark the end of its retail presence.

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