Jaguar8 commented on a stock · Sep 9, 2024 16:08

NEWS

BIG LOTS, INC. ENTERS INTO SALE AGREEMENT WITH NEXUS CAPITAL MANAGEMENT LP

Big Lots, Inc. (NYSE: BIG) has entered into a sale agreement with Nexus Capital Management LP to acquire its assets and operations. The company has initiated voluntary Chapter 11 proceedings to facilitate the transaction and restructuring initiatives. Big Lots secured $707.5 million in financing, including $35 million in new financing, to support operations during the process. The company plans to optimize its store footprint by closing additional locations and evaluating its distribution center model. Despite challenges, Big Lots reported Q2 2024 results in line with guidance, with improved underlying comp sales and gross margins. The company expects positive momentum to continue in the second half of the year. Big Lots also received a NYSE non-compliance notice due to its average closing share price falling below $1.00 over 30 consecutive trading days.

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Jaguar8

Spread kindness and love. Life is short. Don’t let greed eat you.

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