BIG LOTS INC

Form Type: 8-K

Filing Date: 2025-01-06

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000076883525000002

Comments: On December 31, 2024, Big Lots, Inc. and its subsidiaries filed for Chapter 11 bankruptcy protection. This disclosure outlines an Asset Purchase Agreement with Gordon Brothers Retail Partners, LLC, which allows for the transfer of Big Lots assets. The Bankruptcy Court approved the sale of assets, which enables Variety Wholesalers to acquire between 200 and 400 Big Lots stores and up to two distribution centers. Additionally, a cautionary note informs that trading in Big Lots securities is speculative, and shareholders may face a complete loss on their investments as the company navigates bankruptcy proceedings. The document includes a mention of a monthly operating report and advises against reliance on it due to its limited scope and preparation standards.

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Form Type: 8-K

Filing Date: 2024-12-27

Corporate Action: Bankruptcy

Type: New

Accession Number: 000076883524000076

Comments: Big Lots, Inc. has filed for Chapter 11 bankruptcy on September 9, 2024, and reached an Asset Purchase Agreement with Gordon Brothers Retail Partners on December 27, 2024. This agreement allows the transfer of Big Lots assets to other retailers, including the acquisition of 200 to 400 stores by Variety Wholesalers. Additionally, on December 21, 2024, Nexus Capital Management terminated a previous Asset Purchase Agreement intending to buy the company's assets. The Company anticipates going out of business sales at all remaining store locations to protect its financial estate during the Chapter 11 proceedings.

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