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

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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Big Lots conducts going-out-of-business sales after sale of company falls throughThe Columbus, Ohio-based retailer, with four remaining stores in Colorado, filed for Chapter 11 bankruptcy protection in early September.
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Big Lots Prepares for 'Going Out of Business' Sales After Sale Deal Falls ThroughBig Lots announced Thursday that its anticipated sale to Nexus Capital Management has fallen through. As a result, the retailer is preparing to host 'going out of business' sales at all remaining stores. However, Big Lots remains hopeful and is continuing to work towards completing an alternative transaction with Nexus or another party.
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