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Joele Frank handles Big Lots as the nation’s largest closeout retailer declares Chapter 11 today and announces that it has agreed to be acquired by a unit of Nexus Capital Management.
The Columbus, OH-based retailer lost $205M during its fiscal Q1 quarter on $1B in revenues, which were down 10 percent.
It blamed the poor results on high inflation and interest rates, and a drop in discretionary spending by its core customer base on home and seasonal goods.
CEO Bruce Thorn said the corporate restructuring “enables us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint.”
Nexus will serve as the “stalking horse bidder,” and will complete the acquisition by the end of the year, in the event that another higher bidder does not emerge.
Joele Frank, Wilkinson Brimmer Katcher’s Aaron Palash and Richard Goldman represent Big Lots.
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
