Paul Weaver / SOPA Photographs / LightRocket by way of Getty Photographs
KEY TAKEAWAYS
-
Massive Tons filed for Chapter 11 chapter protections and agreed to promote itself to an affiliate of private-equity agency Nexus Capital Administration.
-
The submitting by the house items and furnishings retailer follows prolonged gross sales declines and a number of other quarters of losses on the low cost retailer.
-
The Ohio-based agency mentioned Nexus will function the “stalking horse bidder” in a court-supervised public sale course of, and that the deal will shut within the fourth quarter if it does not get higher presents.
Massive Tons (BIG) filed for Chapter 11 chapter protections and agreed to promote itself to an affiliate of private-equity agency Nexus Capital Administration, following prolonged gross sales declines and a number of other quarters of losses on the low cost retailer.
The Ohio-based agency mentioned Nexus will function the “stalking horse bidder” in a court-supervised public sale course of, and that the deal will shut within the fourth quarter if it does not get higher presents.
Massive Tons To Shut Some Shops
The low cost residence items and furnishings retailer has been hit by a extra cautious client holding again on huge spending. The corporate mentioned it is going to be “persevering with to evaluate its operational footprint,” together with closing some retailer areas.
Massive Tons mentioned Monday it has secured commitments for $707.5 million of financing, which together with its money from ongoing operations ought to give it sufficient liquidity to help it whereas it completes the sale.
Learn the unique article on Investopedia.
