Big Lots, a retailer ranked in the top 100, announced a fifth round of closings in the U.S. Bankruptcy Court for the District of Delaware on October 11.
The discount retailer from Columbus, Ohio, disclosed 56 additional locations in the filing, bringing its total scheduled closures since filing for Chapter 11 bankruptcy protection on September 9 to 553.
These closures follow those that the discount retailer based in Columbus, Ohio, has already noted as a result of the continuing bankruptcy process. On September 11, 344 stores were unveiled, followed by 49 on September 20, 58 on September 27, and 46 on October 4.
Six of these closures will occur in Texas, while four will occur in California, Ohio, and Washington, and three will occur in Virginia and Indiana. Nebraska, Arkansas, Alabama, Connecticut, Iowa, Colorado, Arizona, Kansas, Louisiana, Wisconsin, and North Carolina each lose one store in this round, while New Mexico, Pennsylvania, Michigan, Tennessee, Georgia, Illinois, Missouri, Maryland, Florida, and Oklahoma each lose two more.
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.
