Top 100 retailer Big Lots added 46 shops to its list of closures on October 4 in the U.S. Bankruptcy Court for the District of Delaware as part of its continuing Chapter 11 bankruptcy proceedings.
These closures join the more than 400 other shop closures that the discounter located in Columbus, Ohio, has previously noted as a component of the process. 344 stores were first made public on September 11; 49 more were added on September 20; and 58 more were added on September 27.
Six more stores are scheduled to close in Texas with four more closings in Ohio; three stores in Florida, California, Maryland and New Jersey; two stores in Massachusetts, Missouri, Louisiana, Michigan, Indiana and New York and a single store each in Oklahoma, South Carolina, Pennsylvania, New Hampshire, Virginia, Nebraska, Mississippi, Alabama, New Hampshire, Maine, Kansas and Nevada.
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.
