Columbus, Ohio — As part of its ongoing Chapter 11 bankruptcy proceedings, Top 100 retailer Big Lots added 46 stores to its closings list on Oct. 4 in the U.S. Bankruptcy Court for the District of Delaware.
These closings add to more than 400 other store closings that the Columbus, Ohio-based discounter has previously identified as part of the process. An initial 344 stores were revealed on Sept. 11 with 49 added on Sept. 20 and another 58 on Sept. 27.
Six more stores are scheduled to close in Texas with four more closings in Ohio; three stores in Florida, California, Maryland and New Jersey; two stores in Massachusetts, Missouri, Louisiana, Michigan, Indiana and New York and a single store each in Oklahoma, South Carolina, Pennsylvania, New Hampshire, Virginia, Nebraska, Mississippi, Alabama, New Hampshire, Maine, Kansas and Nevada.
On Sept. 9, Big Lots filed for Chapter 11 protection, citing estimated assets of $1,000,000,001 to $10 billion against estimated liabilities of $1,000,000,001 to $10 billion to an estimated 5,001 to 10,000 creditors.
That same day, it announced a sales agreement with affiliates of Nexus Capital Management, subject to higher and better bids, as part of a court-supervised auction process. Nexus, designated as the stalking horse bidder for the auction, agreed to acquire the company’s assets and ongoing business operations. The agreed-to purchase price is approximately $760 million, consisting of $2.5 million in cash plus the debt payoff amount and the assumption of certain liabilities.