Big Lots, facing bankruptcy under Chapter 11, has secured $707.5 million to support its operations and is selling its business to private equity firm Nexus Capital.

The retailer, which has assets and liabilities between $1 billion and $10 billion, cited pandemic-related issues and macroeconomic factors like high inflation for its troubles.

It has begun closing stores and plans further closures as part of the bankruptcy process.

Nexus will be the initial bidder in a court-supervised auction, with the deal expected to close in Q4 2024 if Nexus wins, Fox Business has reported.

Big Lots operates about 1,400 stores and employs over 30,000 workers.

Written by B.C. Begley