Big Lots, the Ohio-based retail chain that sells furniture, home décor, and other items at almost 1,400 stores nationwide, filed for Chapter 11 bankruptcy protection on Monday in the District of Delaware, docket 24-11686 (JKS).
AP News reported that the company cited high inflation and interest rates as reasons for consumers pulling back on their home and seasonal product purchases – two (2) categories the chain depends on for a significant part of its revenue.
According to The Washington Post, Big Lots’ bankruptcy pleadings estimated assets of $3.17 billion, and debts totaling $3.09 billion. An affiliate private equity firm Nexus Capital Management is the “stalking horse” agreeing to buy up substantially all Big Lots’ assets.
FOX Business noted that on Monday, the company secured $707.5 million to support its operations and sell its business in the bankruptcy.
Big Lots was one of the three (3) companies in our Top 10 Retailers to Watch for Bankruptcy in 2024 who have filed for protection so far in 2024.
If you are a landlord or trade creditor of Big Lots or one of its other brands, it is important to know your rights now. Stark & Stark’s Shopping Center and Retail Development Group can help.
Our bankruptcy attorneys regularly represent landlords throughout the country, including recently in the Eastern District of Missouri, District of New Jersey, Southern District of New York, District of Delaware, District of Minnesota and the Western and Eastern Districts of Pennsylvania regarding a variety of issues. Most recently, our Group has represented landlords and trade creditors in the Rite Aid, Blink Fitness, Express, JOANN’s, Party City, David’s Bridal, Christmas Tree, Buyk, Tuesday Morning, Mattress Firm, Toys R Us, EMS, Golfsmith, RadioShack and Sports Authority chapter 11 bankruptcy cases.
For more information on how Stark & Stark can assist you, please contact shareholders Thomas Onder at (609) 219-7458 (tonder@stark-stark.com) or Joseph Lemkin at (609) 791-7022 (jlemkin@stark-stark.com).
