Big Lots Gets Court Approval On 'First Day' Motions
Big Lots has 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 retailer to immediately access a portion of its $707.5 million post-petition financing facilities. This financing, coupled with cash generated from its ongoing operations, is expected to provide sufficient liquidity 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 company said the interim relief granted by the court will enable Big Lots 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.
"We are focused on delivering on our promise to be the leader in extreme value by helping customers 'Live BIG and Save LOTS',” said Bruce Thorn, president and CEO of Big 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.”
