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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.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
