Prominent investor to buy Big Lots; 3 other popular discount retail chains to buy dozens of former stores

There’s been a lot going on when it comes to Big Lots. By now, you’ve probably (had to have) heard that Big Lots filed for Chapter 11 bankruptcy and closed hundreds of stores due to underperformance, citing a bad economy and inflation.

But a prominent investor is here to help. Nexus Capital Management LP, who has also invested in world-famous brands like TOMS Shoes, Dollar Shave Club, and Mav Beauty, won the bid in a Delaware Bankruptcy Court last week to acquire Big Lots.

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The acquisition costed them $765 million, paying off $550 million of Big Lots’ debt. According to court documents, the sale isn’t exactly finalized, but the closing date is set for the first week of December.

In other Big Lots news, Aldi, Ollie’s Bargain Outlet, and Burlington have bought dozens of former Big Lots stores that recently closed nationwide during an auction. A new Ollie’s site is set for Saint Mary’s, Ohio, but that’s the only Ohio location opening for now between the three discount stores.

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