Big Lots To Close All Stores After Ch. 11 Sale Falls Through
Bankrupt discount retail chain Big Lots told a Delaware bankruptcy court Thursday that it will close its 870 remaining stores in the United States and initiate going-out-of-business sales starting Friday, after its $760 million deal for a going-concern sale to California private equity group Nexus Capital Management fell through.
During a virtual hearing in Wilmington, Big Lots said it would file a notice of additional closings Thursday that will list the company’s remaining 870 stores as a part of an agreement with certain creditors including vendors and landlords who they said weren’t paid post-petition administrative claims, including rents and payments for product.
The committee is represented by Justin R. Alberto, Stacy L. Newman and Sarah A. Carnes of Cole Schotz PC and Darren Azman, Kristin K. Going, Stacy Lutkus and Natalie Rowles of McDermott Will & Emery LLP.
To read the full article, please click here.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
Join Our Mailing List
Stay up to date with the latest insights, events, and more
