Big Lots, Inc. announced today that it no longer anticipates completing the previously announced sale of its assets to Nexus Capital Management. The company, however, continues to explore alternative going-concern transactions with Nexus or other potential buyers, aiming to finalize a sale by early January 2025.
In parallel with these efforts, Big Lots is preparing to launch going-out-of-business (GOB) sales at all remaining store locations to preserve the value of its estate. The company emphasized that these GOB sales will not preclude a potential going-concern sale if a viable agreement is reached.
CEO Statement
Bruce Thorn, President and CEO of Big Lots, acknowledged the challenging circumstances:
“We all have worked extremely hard and have taken every step to complete a going-concern sale. While we remain hopeful that we can close an alternative going-concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”
Current Operations
Big Lots confirmed that stores and online operations will continue to serve customers during this period. Updates regarding the company’s future and any potential agreements will be shared as they become available.
Customer and Stakeholder Information
Court filings and information related to Big Lots’ proceedings, including instructions on how to file a proof of claim, are available through the company’s claims agent, Kroll Restructuring Administration LLC.
- Website: cases.ra.kroll.com/biglots
- Phone: Toll-free at (844) 217-1398 or +1 (646) 809-2073 (international calls).
- Email: biglotsinfo@ra.kroll.com
Looking Ahead
The company’s decision to initiate GOB sales marks a critical juncture as it strives to balance immediate financial considerations with the potential for a long-term solution. Big Lots has not ruled out completing an alternative transaction to preserve its operations.
