COLUMBUS, Ohio (WCMH) — Big Lots will be sold for $765 million to a top investor of Dollar Shave Club and Toms after the central Ohio retail chain filed for bankruptcy earlier this summer.
On Wednesday, Santa Monica-based investment firm Nexus Capital Management secured victory in Delaware Bankruptcy Court in a bid to buy Big Lots for $765 million. The investment firm, whose portfolio includes Dollar Shave Club, Toms and Natural Balance Pet Food, will officially take over after the sale is finalized in early December.
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“This marks an important step that positions us to move forward on stronger financial footing with a new owner,” said Bruce Thorn, Big Lots CEO, in a statement. “Nexus has an established track record of supporting customer-facing companies similar to Big Lots.”
The sale comes after Big Lots filed for Chapter 11 proceedings in September. At the time, the chain had also entered into a sale agreement with Nexus, who will acquire all the company’s assets and business operations.
Big Lots, headquartered between Westerville and New Albany, has said it would continue “to assess its operational footprint,” as part of the court-supervised sale process. This included closing more than 550 stores nationwide. A store at 60 E. Schrock Rd. in Westerville was among the most recent round of shutdowns, joining these other Ohio locations that were previously announced as shuttering:
1451 W. 5th Ave. in Grandview Heights
311 Deo Dr. in Newark
569 Sawmill Road in Dublin
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The closure came after the retailer reported a $238 million loss during its second quarter this year and announced it was closing its distribution center in west Columbus by the end of October, leaving nearly 400 people without jobs. The company had filed a notice to the City of Columbus earlier in the week, which did not provide a reason for closing the center at 300 Phillipi Road.
Big Lots was aiming to fight off bankruptcy by offering big discounts on Halloween costumes and decorations. The chain bought its “biggest extreme bargain Halloween closeout ever” from a “well-known national party supply retailer’s overstock” that was valued at $11 million. The deal included hundreds of new Halloween items sold for 50 to 70% less than their original prices.
