Big Lots, a Top 50 retailer, announced intentions to liquidate 49 more shops as part of its continuing Chapter 11 bankruptcy proceedings.
On September 20, the U.S. Bankruptcy Court for the District of Delaware received the list of additional closing stores. It supplements a paper dated September 11th that said 344 stores will be closed initially.
Six of the businesses that are slated to go are in California, while eleven are in Texas. Four stores in Pennsylvania, three in Florida, and two in each of Ohio, Indiana, Washington, and New York will close. In this round, one shop is closing in each of the following states: Iowa, Louisiana, Kentucky, Oklahoma, South Carolina, North Carolina, Oregon, Tennessee, Arizona, Maryland, Massachusetts, Georgia, Michigan, Colorado, Illinois, Wisconsin, and New Jersey.
Big Lots filed for Chapter 11 protection on September 9th, alleging $1,000,000,001 to $10 billion in estimated assets versus $1,000,000,001 to $10 billion in estimated liabilities to an estimated 5,001 to 10,000 creditors.
On the same day, it declared that it would sell the company to affiliates of Nexus Capital Management, contingent upon better and higher bids during a court-supervised auction procedure. As the auction’s stalking horse bidder, Nexus committed to buy the company’s assets and continue its business activities. The purchase price that has been agreed upon is roughly $760 million, which includes the assumption of certain obligations, the debt payback amount, and $2.5 million in cash.
