Big Lots Files Chapter 11, Secures Over $700 Million to Support Operations and Sale to Nexus

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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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