Big Lots Receives Court Approval for Sale to Nexus

Big Lots received court approval for the sale of substantially all of the company’s assets and ongoing business operations to an affiliate of Nexus Capital Management. The sale, which is subject to customary closing conditions, is expected to close in early December._x000D_
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“Today’s approval paves the way for a new phase for Big Lots, during which we intend to reclaim our position as the undisputed leader in extreme value. Partnering with Nexus, which believes in our business and long-term potential, will ensure that Big Lots is best positioned to emerge as a stronger company for 2025 and beyond,” Bruce Thorn, president and CEO of Big Lots, said. “As we work to close the transaction, we remain focused on serving our customers and want to thank our associates for their continued hard work and dedication to providing them with the best service possible.”_x000D_
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“Nexus’ acquisition of Big Lots is a testament to our confidence in the company’s core proposition and growth prospects,” Evan Glucoft, managing director of Nexus, said. “We strongly believe that Big Lots is on the brink of capitalizing on its potential, and we look forward to working with the talented Big Lots team to accelerate its mission and realize the opportunities ahead.”_x000D_
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Davis Polk & Wardwell is serving as legal counsel, Guggenheim Securities is serving as financial advisor, AlixPartners is serving as restructuring advisor and A&G Real Estate Partners is serving as real estate advisor to the company. Kirkland & Ellis is serving as legal counsel to Nexus.