Discount retailer Big Lots Inc. is preparing to file for bankruptcy and sell its chain of stores via a court-supervised process. The company will commence the sale of its stores in coming days to protect the value of its real estate, after its planned asset sale to private equity firm Nexus Capital Management LP fell through.
A Big Lots store in Los Angeles, California, US, on Saturday, Sept. 7, 2024. A Big Lots store in Los Angeles, California, US, on Saturday, Sept. 7, 2024. Discount home goods retailer Big Lots Inc. is preparing to file for bankruptcy as soon as Sunday, and plans to sell its chain of stores via a court-supervised process, according to people familiar with the plans.
A representative for Guggenheim Partners, which is advising the company, declined to comment. Representatives from Big Lots, Nexus, as well as Kirkland & Ellis, which is advising Nexus, and the company’s legal counsel Davis Polk & Wardwell, did not return messages seeking comment.
Bankruptcy Retail Big Lots Nexus Capital Management Asset Sale
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