Big Lots Updates on Court-Supervised Process

Furniture World News Desk on 12/20/2024

Big Lots, Inc. (the "Company") announced that it no longer anticipates completing its previously announced asset purchase agreement with Nexus Capital Management. However, the Company continues to pursue an alternative going concern transaction with Nexus or another party, aiming to finalize a sale by early January.

In parallel, Big Lots is preparing to initiate going out of business (GOB) sales at all remaining store locations to protect the value of its estate. The Company stated that these GOB sales will not preclude it from completing a going concern transaction, should one materialize.

"We all have worked extremely hard and have taken every step to complete a going concern sale," said Bruce Thorn, Big Lots' President and Chief Executive Officer. "While we remain hopeful that we can close an alternative going concern 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 will continue serving customers both in-store and online throughout this process and will provide updates as they become available.

Court Proceedings and Claims Information

Details regarding the court-supervised process, including information on filing a proof of claim, can be found on a dedicated website administered by Kroll Restructuring Administration LLC at https://cases.ra.kroll.com/biglots. For further assistance, individuals can contact the claims agent by calling toll-free at (844) 217-1398, internationally at +1 (646) 809-2073, or via email at biglotsinfo@ra.kroll.com.

Advisors

Big Lots is being advised by 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.

About Big Lots, Inc.
 Big Lots is one of the nation's largest closeout retailers focused on extreme value. The Company is dedicated to being the big difference for a better life by delivering bargains to brag about on everything for the home, including furniture, décor, pantry and more. It fulfills its mission to help customers "Live BIG and Save LOTS" with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels, and value-engineered products. The Big Lots Foundation, together with the Company's customers, associates, and vendors, has delivered more than $176 million of philanthropic support to critical needs in hunger, housing, healthcare, and education. For more information, to shop online, or to find a store near you, please visit biglots.com.