U.S. discount home goods retailer Big Lots has filed for Chapter 11 bankruptcy and secured over $700 million in financing to support operations while selling its business to Nexus Capital. According to a Delaware bankruptcy court filing, Big Lots listed assets and liabilities ranging from $1 billion to $10 billion, with thousands of creditors. Nexus Capital will act as the "stalking horse bidder" in a court-supervised auction. The deal is expected to close before the end of the year. Big Lots' second-quarter results will be released on Thursday.
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00:00It's Benzinga, and here's what's on the block.
00:02U.S. discount home goods retailer Big Lots has filed for Chapter 11 bankruptcy and secured
00:07over $700 million in financing to support operations while selling its business to Nexus
00:12Capital.
00:13According to a Delaware bankruptcy court filing, Big Lots listed assets and liabilities ranging
00:18from $1 to $10 billion with thousands of creditors.
00:22Nexus Capital will act as the stalking horse bidder in a court-supervised auction.
00:26The deal is expected to close before the end of the year.
00:29Big Lots' second quarter results will be released on Thursday.
00:32For all things money, visit Benzinga.com.