As it looks to complete Chapter 11 bankruptcy proceedings, Big Lots announced it received court approval for the sale of substantially all of the company’s assets and ongoing business operations to a Nexus Capital Management affiliate.
Big Lots reported it expects the deal to close in early December. The company initiated a Chapter 11 process in early September with the United States Bankruptcy Court for the District of Delaware.
In announcing the court approval, Bruce Thorn, Big Lots’ president and CEO, said, “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. Partnering with Nexus, which believes in our business and long-term potential, will ensure that Big Lots is best positioned to emerge as a stronger company for 2025 and beyond. As we work to close the transaction, we remain focused on serving our customers and want to thank our associates for their continued hard work and dedication to providing them with the best service possible.”
Evan Glucoft, Nexus managing director, added, “Nexus’s acquisition of Big Lots is a testament to our confidence in the company’s core proposition and growth prospects. We strongly believe that Big Lots is on the brink of capitalizing on its potential, and we look forward to working with the talented Big Lots team to accelerate its mission and realize the opportunities ahead.”
