Big Lots, Inc., founded in 1967 and headquartered in Columbus, Ohio, is a national discount retailer operating 1,300+ stores across 48 states with approximately 27,700 employees, selling furniture, home décor, pantry essentials, groceries, pet supplies, and seasonal merchandise. The company filed for Chapter 11 protection on September 9, 2024 in the District of Delaware (Case No. 24-11967) with approximately $556.1 million in prepetition funded debt, citing post-COVID inflation, macroeconomic pressures reducing discretionary consumer spending, supply-chain disruption, higher operating costs, and the 2022 shutdown of a key supplier representing ~6% of merchandise. The Debtors obtained approximately $707.5 million in DIP financing, including $35 million in new money. An initial 363 sale process to Nexus Capital Management fell through in December 2024, after which Gordon Brothers Retail Partners, LLC agreed to purchase substantially all assets with a purchase price floor of approximately $304 million. The sale closed on January 3, 2025, with a partial going-concern continuation path for approximately 200-400 stores under Variety Wholesalers. The case converted to Chapter 7 on November 10, 2025 with Alfred T. Giuliano appointed as trustee after administrative expenses exceeded $60 million. Common equity received 0% recovery.
