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Big
Lots listed its assets and liabilities in the range of $1
billion to $10 billion, according to a filing with bankruptcy
court in Delaware, which showed creditors in the range of
5,001-10,000.
Nexus will serve as a "stalking horse bidder" in a
court-supervised auction process, Big Lots said, adding that the
deal will close in the fourth quarter of 2024 if Nexus is deemed
the winning bidder.
A stalking horse bid is used as a starting or minimally accepted
offer that other interested bidders must surpass if they want to
buy the asset or the company.
Big Lots said its second quarter results are in line with the
guidance. The company will release its full second-quarter
results on Sept. 12, after previously postponing from Sept. 6.
Big Lots, a retailer operating around 1,400 stores across the
U.S. and employing more than 30,000 workers, has been grappling
with declining sales over the past few quarters, putting
pressure on its balance sheet.
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Savio
D'Souza and Rashmi Aich)
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