No longer expects to complete the previously announced sale to Nexus Capital Management

Continues to pursue a going concern transaction

We are preparing to begin ceasing sales at remaining stores in parallel with these efforts

COLUMBUS, Ohio, December 19, 2024 /PRNewswire/ — Big Lots, Inc. (the “Company”) announced today that it does not expect to complete its previously announced asset purchase agreement with Nexus Capital Management, although it remains committed to completing an alternative going concern. Another party is working towards the transaction with Nexus Capital Management. The company’s goal would be to complete the sale by early January.

In parallel with these efforts, the Company is preparing to begin Going Out Business (“GOB”) sales at all remaining Big Lots stores in the coming days to protect the value of its properties. The Company believes that the GOB sales will not prevent it from completing a going concern transaction.

Bruce ThornPresident and Chief Executive Officer of Big Lots, said: “We have all worked very hard and taken every step to complete a going concern sale. However, we remain confident that we can complete an alternative going concern transaction to protect the “Due to the high value of the Big Lots property, we have made the difficult decision to begin the GOB process.”

The company continues to serve customers in-store and online and will provide updates as they become available.

Court filings and other information related to the proceeding, including the filing of a proof of claim, are available on a separate website maintained by the Company’s claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/ Biglots by calling toll-free number (844) 217-1398 (or +1 (646) 809-2073 for calls outside the US). Canada) or by email (email protected).

Advisor

Davis Polk & Wardwell LLP is acting as legal advisor, Guggenheim Securities, LLC is acting as financial advisor, AlixPartners LLP is acting as restructuring advisor and A&G Real Estate Partners is acting as real estate advisor to the Company.

About Big Lots, Inc.

Big Lots is one of the country’s largest closeout retailers focused on extreme values. The company strives to make a big difference in a better life by delivering bargains on everything home-related, including furniture, decor, pantry and more. It fulfills its mission of helping customers “Live BIG and Save BIG” with sourcing strategies to achieve extreme bargains through closeouts, liquidations, overstock, private label and high-quality products. The Big Lots Foundation, together with the company’s customers, partners and suppliers, has more than delivered 176 million dollars providing philanthropic support for critical needs in the areas of hunger, housing, healthcare and education. For more information, to shop online, or to find a store near you, please visit biglots.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words “anticipate,” “estimate,” “continue,” “could,” “approach,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “may,” “goal,” “forecast,” “guidance,” “outlook” and similar expressions generally identify forward-looking statements. Likewise, descriptions of our objectives, strategies, plans, goals or objectives are also forward-looking statements. Forward-looking statements relate to management’s expectations regarding future events and trends, including statements that express optimism or pessimism about future operating results or events and projected sales and earnings. Forward-looking statements are based on a number of assumptions about future conditions that ultimately arise could prove to be incorrect. Forward-looking statements are based on management’s then-current views and assumptions about future events, operations and performance and speak only as of the date of such statements. Although we believe that the expectations reflected in forward-looking statements are based on reasonable assumptions within the scope of our knowledge, forward-looking statements inherently involve risks, uncertainties and other factors that, individually or in combination, could have a material impact on our business, financial condition, results of operations or liquidity .

Forward-looking statements we make here and in other reports and publications are not guarantees of future performance and actual results may differ materially from those discussed in such forward-looking statements due to various factors, including, but not limited to, current economic and credit conditions, inflation, cost of goods sold, our inability to successfully implement strategic initiatives, competitive pressures, economic pressures on our customers and us, the availability of remaining stock of branded goods, trade restrictions, freight costs, the risks discussed in the “Risk Factors” section. our most recent Annual Report on Form 10-K and other factors discussed from time to time in other filings with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This press release should be read in conjunction with such filings, and you should carefully consider all such risks, uncertainties and other factors in evaluating any forward-looking statements.

We caution you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, we encourage you to consult any additional disclosures we make on related matters in our public announcements and SEC filings.

Media contact:
Aaron Palash / Richard M Goldman / Rachel Goldman
Joel FrankWilkinson Brimmer Katcher
(email protected)
212-355-4449

SOURCE Big Lots, Inc.