In a filing with the United States Bankruptcy Court for the District of Delaware, Big Lots identified leases it is ready to depart and stores it is ready to close, now combining for a total of nearly 500.
After initially listing 179 leases it was prepared to reject, it has lengthened the list with California, Texas, Florida and New York among the states where the company is planning the most store closings.
Pulse Ratings pointed out that Burlington has picked up five leases and Ollie’s Bargain Outlet has picked up seven.
Big Lots next big court date will be October 15, when competing bids are due for the company’s assets, Pulse Ratings noted, adding that Nexus Capital Management has made a stalking horse bid covering debt and liability assumptions but only including $2.5 million in cash.
As it filed for bankruptcy a month ago, Big Lots revealed it had entered an agreement with Nexus to sell the company to the investment firm. In August, the company stated in a filing with the U.S. Securities and Exchange Commission it had reworked its financial agreements in a deal that included its commitment to close up to 315 stores.
