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Ollie's Bargain Outlet down 2% in late trading
Weakness in shares of bargain store chain Ollie's (OLLI) may be related to Big Lots (BIG) having announced that it has agreed to a sale transaction with Gordon Brothers Retail Partners that enables the transfer of Big Lots assets, including stores, distribution centers, and intellectual property, to other retailers and companies, including Variety Wholesalers.
Big Lots agrees to sale transaction with Gordon Brothers Retail Partners
Big Lots announced that it has agreed to a sale transaction with Gordon Brothers Retail Partners that enables the transfer of Big Lots assets, including stores, distribution centers, and intellectual property, to other retailers and companies, including Variety Wholesalers, which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States under the Roses, Roses Express, Maxway, Bill's Dollar Stores, Super 10, Super Dollar, and Bargain Town banners. Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint. Bruce Thorn, Big Lots' President and Chief Executive Officer, said, "The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team. This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand. We are grateful to our associates nationwide for their grit and resilience throughout this process." The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions.
Big Lots no longer anticipates closing previously announced sale to Nexus
Big Lots announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party. The company's goal would be to complete a sale by early January, it stated. "In parallel with these efforts, the company is preparing to commence going out of business sales at all remaining Big Lots store locations in the coming days to protect the value of its estate. The company believes that the GOB sales will not preclude it from effectuating a going concern transaction," the company added. Bruce Thorn, Big Lots' President and Chief Executive Officer, said, "We all have worked extremely hard and have taken every step to complete a going concern sale. While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process."
Big Lots receives court approval of 'first day' motions related to Chapter 11
Big Lots announced that it received interim Court approval for certain "first day" motions related to the company's voluntary Chapter 11 proceedings. Among other relief, the Court granted interim approval for the company to immediately access a portion of its $707.5M post petition financing facilities. This financing, coupled with cash generated from the company's ongoing operations, is expected to provide sufficient liquidity to support the company while it continues its operations in the ordinary course of business and works to complete the previously-announced sale transaction with an affiliate of Nexus Capital Management LP. Additionally, the interim relief granted by the Court will enable the company to continue paying employee wages and benefits, and making payments to certain critical vendors, in the ordinary course of business. The company expects to pay vendors in full under normal terms for any goods delivered and services provided after the filing. A "second day" hearing for the Court to consider the company's requested relief on a final basis is currently scheduled to occur on October 9, 2024 at 1:00pm ET. Bruce Thorn, President and Chief Executive Officer, said, "We are focused on delivering on our promise to be the leader in extreme value by helping customers 'Live BIG and Save LOTS'. With the Court relief we have received today and the support of our lenders, we look forward to moving through this process and emerging as a stronger, more-efficient company, well-positioned to serve our customers. We thank our associates, customers, vendors, and all of our stakeholders for their continued support as we work to achieve Big Lots' full potential."
Big Lots enters sale agreement with Nexus, initiates Chapter 11 proceedings
Big Lots announced that it has entered into an agreement with an affiliate of Nexus Capital, pursuant to which Nexus has agreed to acquire substantially all of the company's assets and ongoing business operations. To facilitate the transaction, the company, together with each of its subsidiaries, initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. During and after this process, Big Lots will continue to serve customers at their nearest store location or online. Since the pandemic, Big Lots has taken steps to accelerate its strategic initiatives focused on improving sales and boosting its long-term performance and profitability. Like many other retail businesses, the company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates. The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company's revenue. While the company's underlying performance has been improving, the board of directors conducted a broad strategic review of alternatives and determined that entering into the sale agreement with Nexus, and initiating a court-supervised sale process, is the best path forward. As part of the court-supervised sale process, the company is continuing to assess its operational footprint, which will include closing additional store locations. The company will also continue to evaluate and optimize its distribution center model. Under the terms of the sale agreement, Nexus will serve as the "stalking horse bidder" in a court-supervised auction process pursuant to section 363 of the U.S. Bankruptcy Code. Accordingly, the proposed transaction is subject to higher or otherwise better offers, Court approval, and other conditions. Under the sale agreement, if Nexus is deemed the winning bidder, the parties anticipate closing the transaction during the fourth quarter of 2024. In connection with the court-supervised process, Big Lots has secured commitments for $707.5M of financing, including $35M in new financing from certain of its current lenders, in the form of a postpetition credit facility. Upon court approval, the DIP financing facility, coupled with cash generated from the company's ongoing operations, are expected to provide sufficient liquidity to support the company while it works to complete the sale transaction. The company has also filed a number of customary motions seeking court approval to continue supporting its operations, including continued payment of employee wages and benefits, and payments to certain critical vendors in the ordinary course of business. The company anticipates receiving court approval for these requests and expects to pay vendors in full under normal terms for any goods and services provided after the filing.
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