A prominent US retailer has announced plans to close an additional 49 stores as part of its ongoing Chapter 11 bankruptcy proceedings. This update was filed in the U.S. Bankruptcy Court for the District of Delaware on September 20, following an earlier announcement that indicated a total of 1400 stores of the retailer, Big Lots!, would be impacted nationwide.
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Among the newly announced closures, 11 stores are located in Texas and six in California. Other states affected include Pennsylvania, with four stores closing; Florida, with three; and two each in Ohio, Indiana, Washington, and New York. Additionally, single store closures will occur in states like Iowa, Louisiana, Kentucky, Oklahoma, South Carolina, North Carolina, Oregon, Tennessee, Arizona, Maryland, Massachusetts, Georgia, Michigan, Colorado, Illinois, Wisconsin, and New Jersey.
On September 9, Big Lots filed for Chapter 11 protection, reporting assets and liabilities both estimated between $1 billion and $10 billion, affecting approximately 5,001 to 10,000 creditors. On the same day, the company announced a sales agreement with affiliates of Nexus Capital Management, who have agreed to act as the stalking horse bidder in a court-supervised auction. The proposed acquisition, valued at approximately $760 million, includes $2.5 million in cash and the assumption of certain liabilities, aimed at stabilizing Big Lots' operations moving forward.
Source: www.furnituretoday.com