Big Lots Shares Latest Update on Court-Supervised Proceedings
Big Lots Provides Critical Update on Court-Supervised Process
No Longer Anticipates Sale Completion to Nexus Capital Management
Actively Pursuing Alternative Going Concern Transaction
Preparing for Going-Out-of-Business Sales at Remaining Locations
COLUMBUS, Ohio, Dec. 19, 2024 /PRNewswire/ — Big Lots, Inc. ("the Company") has announced that it no longer expects to finalize its previously disclosed asset purchase agreement with Nexus Capital Management. However, the Company is continuing efforts to secure an alternative going concern transaction, either with Nexus or another interested party, with a goal of completing the sale by early January 2025.
In tandem with these efforts, Big Lots is preparing to launch going-out-of-business ("GOB") sales at all remaining store locations. These sales are intended to safeguard the value of the Company’s estate while working toward a potential transaction. Importantly, the GOB sales are not expected to interfere with the Company’s efforts to achieve a going concern transaction.
Bruce Thorn, President and CEO of Big Lots, commented: “We have worked tirelessly to finalize a going concern sale. While we remain optimistic about closing an alternative transaction, we’ve made the challenging decision to begin the GOB process to protect the value of our estate.”
The Company continues to serve customers both in-store and online and will provide updates as new information becomes available.
No Longer Anticipates Sale Completion to Nexus Capital Management
Actively Pursuing Alternative Going Concern Transaction
Preparing for Going-Out-of-Business Sales at Remaining Locations
COLUMBUS, Ohio, Dec. 19, 2024 /PRNewswire/ — Big Lots, Inc. ("the Company") has announced that it no longer expects to finalize its previously disclosed asset purchase agreement with Nexus Capital Management. However, the Company is continuing efforts to secure an alternative going concern transaction, either with Nexus or another interested party, with a goal of completing the sale by early January 2025.
In tandem with these efforts, Big Lots is preparing to launch going-out-of-business ("GOB") sales at all remaining store locations. These sales are intended to safeguard the value of the Company’s estate while working toward a potential transaction. Importantly, the GOB sales are not expected to interfere with the Company’s efforts to achieve a going concern transaction.
Bruce Thorn, President and CEO of Big Lots, commented: “We have worked tirelessly to finalize a going concern sale. While we remain optimistic about closing an alternative transaction, we’ve made the challenging decision to begin the GOB process to protect the value of our estate.”
The Company continues to serve customers both in-store and online and will provide updates as new information becomes available.
Court Filings and Additional Information
Information about the court-supervised process, including instructions for filing a proof of claim, can be accessed on the claims administration website managed by Kroll Restructuring Administration LLC at https://cases.ra.kroll.com/biglots. For assistance, you may contact Kroll via:
Toll-Free Phone: (844) 217-1398
International Calls: +1 (646) 809-2073
Email: biglotsinfo@ra.kroll.com
Information about the court-supervised process, including instructions for filing a proof of claim, can be accessed on the claims administration website managed by Kroll Restructuring Administration LLC at https://cases.ra.kroll.com/biglots. For assistance, you may contact Kroll via:
Toll-Free Phone: (844) 217-1398
International Calls: +1 (646) 809-2073
Email: biglotsinfo@ra.kroll.com
Advisors
Big Lots is supported by a team of expert advisors:
Legal Counsel: Davis Polk & Wardwell LLP
Financial Advisor: Guggenheim Securities, LLC
Restructuring Advisor: AlixPartners LLP
Real Estate Advisor: A&G Real Estate Partners
Big Lots is supported by a team of expert advisors:
Legal Counsel: Davis Polk & Wardwell LLP
Financial Advisor: Guggenheim Securities, LLC
Restructuring Advisor: AlixPartners LLP
Real Estate Advisor: A&G Real Estate Partners
About Big Lots, Inc.
Big Lots is a leading closeout retailer in the U.S., offering exceptional value on a wide range of home products, including furniture, décor, pantry essentials, and more. The Company’s mission is to help customers "Live BIG and Save LOTS" by delivering unbeatable bargains through strategic sourcing, including closeouts, liquidations, overstocks, private labels, and value-engineered products.
The Big Lots Foundation, in collaboration with customers, associates, and vendors, has contributed over $176 million to critical areas such as hunger, housing, healthcare, and education. For more information or to shop online, visit biglots.com.
Big Lots is a leading closeout retailer in the U.S., offering exceptional value on a wide range of home products, including furniture, décor, pantry essentials, and more. The Company’s mission is to help customers "Live BIG and Save LOTS" by delivering unbeatable bargains through strategic sourcing, including closeouts, liquidations, overstocks, private labels, and value-engineered products.
The Big Lots Foundation, in collaboration with customers, associates, and vendors, has contributed over $176 million to critical areas such as hunger, housing, healthcare, and education. For more information or to shop online, visit biglots.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which include terms like “anticipate,” “expect,” “plan,” “believe,” and similar expressions, reflect the Company’s current expectations regarding future events and operating performance.
Forward-looking statements are based on various assumptions and are subject to risks, uncertainties, and other factors that could materially affect the Company’s business, financial condition, and results. Key factors include economic conditions, inflation, supply chain disruptions, competition, and risks outlined in the Company’s recent filings with the SEC, including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Readers are advised not to place undue reliance on these forward-looking statements. Big Lots undertakes no obligation to update or revise these statements publicly, except as required by law. For the latest information, consult the Company’s public announcements and SEC filings.
Media Contact:
Aaron Palash / Richard M. Goldman / Rachel Goldman
Joele Frank, Wilkinson Brimmer Katcher
BigLotsMedia@joelefrank.com
212-355-4449
SOURCE Big Lots, Inc.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which include terms like “anticipate,” “expect,” “plan,” “believe,” and similar expressions, reflect the Company’s current expectations regarding future events and operating performance.
Forward-looking statements are based on various assumptions and are subject to risks, uncertainties, and other factors that could materially affect the Company’s business, financial condition, and results. Key factors include economic conditions, inflation, supply chain disruptions, competition, and risks outlined in the Company’s recent filings with the SEC, including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Readers are advised not to place undue reliance on these forward-looking statements. Big Lots undertakes no obligation to update or revise these statements publicly, except as required by law. For the latest information, consult the Company’s public announcements and SEC filings.
Media Contact:
Aaron Palash / Richard M. Goldman / Rachel Goldman
Joele Frank, Wilkinson Brimmer Katcher
BigLotsMedia@joelefrank.com
212-355-4449
SOURCE Big Lots, Inc.
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