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Big Lots sells business to Nexus Capital as it begins bankruptcy proceedings

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Big Lots News

Bankruptcy Proceedings,Stalking Horse Bidder,Nexus Capital

Big Lots listed its assets and liabilities in the range of $1 billion to $10 billion, according to a filing with bankruptcy court in Delaware, which showed...

- U.S. discount home goods retailer Big Lots said on Monday it has secured $707.5 million to support its operations and sell its business to private equity firm Nexus Capital, as it has initiated bankruptcy proceedings under Chapter 11.

Nexus will serve as a "stalking horse bidder" in a court-supervised auction process, Big Lots said, adding that the deal will close in the fourth quarter of 2024 if Nexus is deemed the winning bidder.

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