by COLUMBUS, Ohio — Big Lots Inc. said that it has received bankruptcy court approval for the sale of substantially all of its assets and ongoing business operations to an affiliate of Nexus Capital Management. The sale is expected to close in December.
In a statement issued on Nov. 22, Big Lots President and Chief Executive Officer Bruce Thorn 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.”
Nexus was identified as the “stalking horse bidder” during a court-supervised auction process announced as part of Big Lots’ Chapter 11 bankruptcy filing in early September.
Evan Glucoft, managing director of Nexus, added, “Nexus’ 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.”
