Delivering on Our Promise to be the Leader in Extreme Value
Big Lots is taking important steps as we return to our roots, focused on owning the extreme bargain space, and delivering unmistakable value and exceptional savings to our loyal customers.
Specifically, Big Lots has entered into an agreement to be acquired by Nexus Capital Management LP. Operating under new ownership who believes in our business and provides increased financial stability will improve our long-term profitability. To facilitate the transaction, we initiated voluntary Chapter 11 proceedings, which will make the proposed transaction subject to higher or otherwise better offers, as well as Court approval.
We also intend to continue optimizing our store footprint during the process. Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers.
Taken together, these actions are intended to accelerate our efforts to improve our performance and strengthen our business for the future.
As we begin this process, we are continuing to provide unmistakable value for our loyal customers.
Our customers can continue to find extreme bargains in-store and online at biglots.com.
We expect to be able to continue to honor gift cards and store credit cards.
We expect to pay our vendors in full, under normal terms, for goods delivered and services provided after the filing.
We expect to have sufficient liquidity to meet our business obligations during this process.
