01/02/2025

Big Lots Approved for Last-minute Sale of 200 to 400 Stores

Variety Wholesalers to take over at least 200 stores

Retailer Big Lots on Tuesday received a bankruptcy judge's approval for a last-minute sale that would allow 200 to 400 stores to remain open under new ownership.

U.S. Bankruptcy Judge Kate Stickles approved the sale at a court hearing in Wilmington, Delaware, saying that the deal was the best option for Big Lots after a previous sale agreement fell apart.

Big Lots filed for bankruptcy protection in September, seeking to sell its business to private equity firm Nexus Capital. But that deal fell apart in mid-December, causing Big Lots to begin going out of business sales at roughly 900 remaining stores in preparation for a possible shutdown of the company.

Please select this link to read the complete article from Reuters.