Nexus Capital Management has emerged as the lead bidder for Big Lots (OTC: BIGGQ), securing a substantial $765 million in committed financing to support its stalking horse bid for the discount retailer, which is navigating bankruptcy. This news, reported by Bloomberg, comes as Bankruptcy Judge J. Kate Stickles is set to approve the deal, pending any higher offers before the upcoming Monday deadline.
The financing agreement was reached after negotiations between Nexus, Big Lots, and the retailer’s lenders, with Stickles expressing optimism, calling the financing news “fantastic.” This proposed takeover could alleviate a significant portion of Big Lots’ debts and help preserve thousands of jobs, according to court documents.
In court, a Big Lots attorney mentioned that the company is in talks with multiple potential bidders. If additional offers are received by Monday’s deadline, an auction will kick off to determine the final outcome.
As the retail landscape shifts, all eyes are on this critical moment for Big Lots, and the potential impact on its future.
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