Columbus, Ohio — A new website from Big Lots is detailing the Top 50 retailer’s bankruptcy process for consumers, vendors and investors.
The site, BigStepForBigLots.com, outlines the Columbus, Ohio-based discounter’s plans, including its sale agreement to an affiliate of Nexus Capital Management as part of a court-supervised auction process. Nexus is considered the stalking horse bidder with an agreed-to purchase price of approximately $760 million, consisting of $2.5 million in cash plus the debt payoff amount and the assumption of certain liabilities. The Chapter 11 process makes Nexus’ offer subject to higher and better bids.
The site includes a fact sheet section, a section for investors and sections for customers and for vendors, each with a letter from President and CEO Bruce Thorn and frequently asked questions for each.
In the letter to vendors, Thorn notes that Big Lots expects to pay vendors in full for goods delivered and services provided after the filing, it expects to have sufficient liquidity to meet its business obligations during the process, and that its stores and e-commerce site will continue to operate.
The vendor FAQ site notes that payment for goods and services provided prior to the filing will be handled through the court process. Vendors can file a Proof of Claim with the court for the amount they believe they are owed, and later in the process, Big Lots will provide notice to vendors of any deadline and requirements for filing a Proof of Claim.
The site also notes that court filings and other information related to the proceedings are available on a separate website administered by Big Lots’ claims agent, Kroll Restructuring Administration, LLC.