## Big Lots Commences Bankruptcy Proceedings
Sept 9 (Reuters) – Big Lots, the renowned U.S. discount home goods retailer, has embarked on bankruptcy proceedings under Chapter 11. Let’s delve into the recent developments surrounding this significant event.
### Financial Overview
On Monday, Big Lots announced it had secured a substantial $707.5 million to sustain its operations. This capital will also support its sale to the private equity firm, [Nexus Capital](https://www.reuters.com/markets/companies/BIG.N), pending court approval. The firm listed its assets and liabilities within the range of $1 billion to $10 billion. Court filings in Delaware revealed that Big Lots boasts between 5,001 and 10,000 creditors.
### Nexus Capital: The Stalking Horse Bidder
Nexus Capital enjoys the role of “stalking horse bidder” in a court-supervised auction. Essentially, this term denotes the initial and minimum accepted offer others must surpass to acquire the asset or company. If Nexus emerges victorious, the deal is slated to close in the fourth quarter of 2024.
### Second Quarter Results Update
Big Lots’ second quarter results align with its previous guidance. The company will release its complete second-quarter results on Sept. 12, after postponing it from Sept. 6. This postponement has piqued curiosity, yet the management seems confident in their projections.
### Declining Sales and Financial Struggles
Big Lots operates approximately 1,400 stores across the U.S. and employs over 30,000 individuals. Yet, the retailer has been wrestling with [declining sales](https://www.reuters.com/business/retail-consumer/big-lots-prepares-bankruptcy-filing-with-plans-sell-stores-bloomberg-news-2024-09-06/) over recent quarters, pressurizing its balance sheet. This financial strain has significantly contributed to their decision to seek bankruptcy protection.
### Company Creditor Information
An interesting point to note is the vast number of creditors Big Lots has amassed. Between 5,001 to 10,000 entities are owed, showcasing the extensive connections and reaches of the retailer.
## Summary Table
| Aspect | Details |
|—————————-|————————————————–|
| Secured Financing | $707.5 million |
| Assets and Liabilities | $1 billion to $10 billion |
| Number of Creditors | Between 5,001 and 10,000 |
| Stalking Horse Bidder | Nexus Capital |
| Store Count | Approximately 1,400 |
| Employee Count | Over 30,000 |
| Second Quarter Results Date| September 12, 2024 (Postponed from Sept. 6) |
### Reporting and Reference
This news comes courtesy of Gnaneshwar Rajan in Bengaluru, with editing by Savio D’Souza and Rashmi Aich.
For full details, visit [Reuters](https://www.reuters.com/markets/us/big-lots-sells-business-nexus-capital-it-begins-bankruptcy-proceedings-2024-09-09/undefined?location=article-paragraph).
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By restructuring and supplementing this article, we’ve aimed to enrich your understanding and provide a comprehensive picture of Big Lots’ current financial and operational state.