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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.
Mike Sitrick has bought his firm Sitrick And Company back from RGP, the Dallas-based management consulting firm. He sold the strategic communications powerhouse for $43.4M in Oct. 2009.
Omnicom CEO John Wren enjoyed a 222 percent jump in 2025 compensation to $69.9M as the firm completed the acquisition of Interpublic.
Public Policy Holding Company recorded 24.7 percent growth in 2025 revenues to $186.5M and a 32.1 percent surge in adjusted net income to $36.6M.
S&P Global has reaffirmed its negative “BBB” rating on WPP due to ongoing challenges that it will face during the next 12 months.
Stagwell’s Q4 revenues grew two percent to $807M while adjusted EBITDA rose three percent to $129M.
