Dover, Delaware — On November 22, the U.S. Bankruptcy Court for the District of Delaware authorized an ashome faet purchase deal for Big Lots, a Top 50 retailer, paving the door for Nexus Capital Management affiliates to acquire the company.
The sale of almost all of the Columbus, Ohio-based discounter’s assets and continuing operations was authorized by Judge J. Kate Stickles. It is anticipated that the deal will close in early December, subject to standard closing conditions.
Bruce Thorn, the president and CEO of Big Lots, said in a statement, “Today’s approval paves the way for a new phase for Big Lots, during which we intend to reclaim our position as the undisputed leader in extreme value.” Big Lots will be in the strongest position to become a stronger company in 2025 and beyond thanks to our partnership with Nexus, which has faith in our enterprise and long-term prospects.
“We are still committed to serving our customers as we work to close the deal, and we would like to thank our associates for their ongoing efforts and commitment to giving them the best service possible.”
Nexus reportedly acquired $765 million in committed funding to support the transaction in October. Following bidding processes, an auction was held on October 30. Nexus was chosen as the winning bidder. As part of the bankruptcy proceedings, Big Lots revealed plans to close more than 500 of its locations.
Evan Glucoft, managing director of Nexus, stated, “Nexus’s acquisition of Big Lots is a testament to our confidence in the company’s core proposition and growth prospects.” “We look forward to working with the talented Big Lots team to accelerate its mission and realize the opportunities ahead because we firmly believe that Big Lots is poised to capitalize on its potential.”
With an estimated $1,000,000,001 to $10 billion in assets and $1,000,000,001 to $10 billion in liabilities to an estimated 5,001 to 10,000 creditors, Big Lots filed for Chapter 11 protection on September 9.
On the same day, it announced a sales deal with Nexus Capital Management affiliates, contingent on stronger and higher bids in an auction procedure overseen by the court. As the auction’s stalking horse bidder, Nexus consented to buy the company’s assets and continuing operations. $2.5 million in cash, the debt repayment amount, and the assumption of other liabilities make up the agreed-upon acquisition price.
