A&G Announces Plan to Sell 296 Big Lots, Inc. Store Leases in Connection with Retailer’s Restructuring and Sale Process
September 12, 2024
Source: A&G Real Estate Partners
-- Initial offering to consist of store leases across 37 states.
-- Additional lease and property dispositions to follow subject to Court approval.
COLUMBUS, Ohio, Sept. 12, 2024 /PRNewswire/ -- A&G Real Estate Partners today announced plans to market 296 Big Lots, Inc. (the "Company") store leases for sale across the United States.
Big Lots, which operates more than 1,300 stores across 48 states, initiated voluntary Chapter 11 proceedings on September 9, 2024, to facilitate a sale of substantially all of the Company's assets and business operations to an affiliate of Nexus Capital Management LP. On September 10, as part of its "first-day hearing," Big Lots received Court authorization to commence a sale process for 144 store leases (the "Initial Leases"). In the coming weeks, Big Lots will seek Court approval of procedures to commence a sale process for 152 additional store leases (the "Additional Leases").
The bid deadline for the auction process regarding the Initial Leases, which range in size from 18,000 to 58,400 square feet, is currently Monday, September 16, at 5:00 p.m. Eastern Time. The bid deadline for the Additional Leases will be announced upon receiving Court approval to commence that sale process.
"On behalf of the Company, A&G is currently engaged in nationwide lease-restructuring negotiations for Big Lots locations that have the greatest likelihood of serving customers going forward," said A&G Co-President Andy Graiser. "As the Company proceeds to facilitate the sale transaction with Nexus, it will continue to assess its real estate portfolio, closing additional stores as needed to achieve its goals."
"These locations are in desirable, strategically positioned shopping centers and markets across the United States," said A&G Co-President Emilio Amendola. "At a time when retail occupancies are the tightest in recent memory, the availability of these leases presents an incredible opportunity."
The Initial Leases are located in the following 28 states:
- Alabama (1 store)
- Arizona (13)
- California (55)
- Colorado (4)
- Connecticut (3)
- Florida (11)
- Georgia (2)
- Illinois (3)
- Indiana (2)
- Kansas (1)
- Louisiana (2)
- Maryland (3)
- Massachusetts (1)
- Michigan (4)
- Minnesota (1)
- Missouri (3)
- Montana (1)
- New York (3)
- North Carolina (1)
- Oregon (2)
- Pennsylvania (2)
- South Carolina (3)
- South Dakota (1)
- Utah (2)
- Vermont (1)
- Virginia (2)
- Washington (12)
- Wisconsin (5)
The Additional Leases are located in the following 34 states:
- Alabama (4 stores)
- Arizona (8)
- Arkansas (1)
- California (20)
- Colorado (4)
- Connecticut (6)
- Florida (15)
- Georgia (6)
- Illinois (6)
- Indiana (3)
- Kansas (1)
- Kentucky (3)
- Louisiana (2)
- Maine (1)
- Maryland (2)
- Massachusetts (4)
- Michigan (7)
- Missouri (3)
- Montana (1)
- Nevada (1)
- New Hampshire (1)
- New Jersey (1)
- New York (7)
- North Carolina (6)
- Ohio (8)
- Oregon (6)
- Pennsylvania (4)
- Tennessee (3)
- Utah (2)
- Vermont (1)
- Virginia (6)
- Washington (6)
- Wisconsin (2)
- Wyoming (1)
For additional details, visit https://agrep.com/index.php/biglots and/or contact Mike Matlat, (631) 465-9508, 383182@email4pr.com, or Todd Eyler, (914) 325-1602, 383182@email4pr.com.
Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700, 383182@email4pr.com