Discount store chain Big Lots to file for bankruptcy, will be acquired by new owner to restructure

Nexus Capital Management has agreed to acquire most of the company's assets. The retailer aims to optimize its store footprint.Photo byMelinda GimpelonUnsplash

COLUMBUS, Ohio, Sept. 9, 2024 — Big Lots has announced its voluntary Chapter 11 filing to facilitate restructuring initiatives and ownership transition. The company has entered a sale agreement with Nexus Capital Management, which aims to acquire most of Big Lots' assets and business operations.

Despite challenges from macroeconomic factors like inflation, Big Lots secured $707.5 million in interim financing to support ongoing operations. CEO Bruce Thorn emphasized the company’s commitment to offering customers value while optimizing its store footprint.

Nexus Capital Management has agreed to acquire most of the company's assets. The retailer aims to optimize its store footprint and achieve profitability by 2025.