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- Nexus Capital Management to buy all assets and ongoing business operations of Big Lots (NYSE:BIG).
- To facilitate the transaction, the company, together with each of its subsidiaries, initiated voluntary Chapter 11 proceedings.
- During and after this process, Big Lots (BIG) will continue to serve customers at their nearest store location or online.
- The company will assess its operational footprint, which will include closing additional store locations.
- In connection with the court-supervised process, Big Lots (BIG) secured commitments for $707.5M of financing.
- “Additionally, Q3 to date is off to a good start, with a significant sequential improvement in underlying comp sales relative to Q2, as well as underlying gross margin expansion versus last year. We expect the positive momentum to continue into the back half of the year.” said Bruce Thorn, President and CEO.
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