Big Lots sale to Nexus falls apart, raising likelihood business will close

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The discount chain that employs more than 27,000 people said in a statement Thursday it continues to look for another way to stay in business.

Bankrupt retailer Big Lots Inc. no longer anticipates it can complete its asset sale to private equity firm Nexus Capital Management and will beginning selling its stores in coming days to protect the value of its real estate. The discount chain that employs more than 27,000 people said in a statement Thursday it continues to look for another way to stay in business through a transaction it would look to complete by the end of January if a deal can be struck.

A representative for Guggenheim Partners, which is advising the company, declined to comment. Representatives from Big Lots, Nexus, as well as Kirkland & Ellis, which is advising Nexus, and the company’s legal counsel Davis Polk & Wardwell, did not return messages seeking comment. Landlords, vendors who supply inventory to the stores and other creditors told Stickles they are concerned about how Big Lots will decide who gets paid with the limited amount of cash the company has left.

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