The Top 50 retailer Big Lots announced the closure of 58 additional shops on September 27 in a filing with the U.S. Bankruptcy Court for the District of Delaware.
The discounter based in Columbus, Ohio has previously reported over 400 shop closures as a component of its ongoing Chapter 11 bankruptcy proceedings. These closures are in addition to those already identified.
As part of this most recent round, ten stores in California, six in Texas, five in New York, four in Georgia, three in Florida, Tennessee, and Arizona, two in Illinois, New Jersey, Missouri, Michigan, and Indiana, and one in Utah, West Virginia, Arkansas, Ohio, Vermont, Nevada, Maryland, Idaho, North Carolina, Louisiana, Virginia, Iowa, Oklahoma, and Oregon will closing.
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.
