The U.S. closeout retailer will use the DIP loan during ongoing Chapter 11 bankruptcy proceedings
Boston, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Gordon Brothers, the global asset experts, has agented a $150 million debtor-in-possession (DIP) term loan for Big Lots Inc.
The U.S. closeout retailer focused on value will use the DIP loan during ongoing Chapter 11 bankruptcy proceedings to support the going-concern sale and stalking horse bid.
"Having established a working relationship with Big Lots over the last few years, and having previously provided a $200 million delayed draw term loan, we continue to provide a full suite of holistic services for a complete solutions-driven package,” said Kyle C. Shonak, Senior Managing Director, Transaction Team & Head of North America Lending at Gordon Brothers. "As the liquidation agent for the non-go forward store closures, distribution centers and the furniture, fixtures and equipment, we'll continue to support the company during the sale process.”
Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services.
Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm's tailor-made solutions provide clients additional capital alongside traditional debt and equity, and its structures complement senior asset-based lending facilities and include credit and yield enhancements.
To learn more about Gordon Brothers and the firm's asset lending and financing services, please visit: https://www.gordonbrothers.com/services/financing-investment/.
About Gordon Brothers
Since 1903, Gordon Brothers has maximized liquidity through realizable asset value by providing the people, expertise and capital to solve business challenges. Our solutions-oriented approach across asset services, lending, financing and trading gives clients the insights, strategies and time to optimize asset values throughout the business cycle. We work across the full spectrum of assets globally with deep expertise in retail, commercial, industrial, brands and real estate. We are headquartered in Boston with over 30 offices across North America, Europe, the Middle East and Africa, and Asia Pacific.
About Big Lots
Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is America's Discount Home Store, operating more than 1,300 stores in 48 states, as well as an ecommerce store with expanded fulfillment and delivery capabilities. The Company's mission is to help customers "Live Big and Save Lots" by offering bargains to brag about on everything for their home, including furniture, décor, pantry essentials, kitchenware, pet supplies, and more. For more information about the company or to find the store nearest you, visit www.biglots.com.
CONTACT: Lauren Nadeau
Gordon Brothers
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