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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.
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New Mountain Capital has spun off Swoop, provider of precision AI-driven healthcare omnichannel solutions, from Real Chemistry.
Enero Group’s technology, healthcare and consumer practice, which includes Hotwire Global as well as Australia-based BMF and Orchard, saw revenues dip 6 percent on a like-for-like basis for the 12 months ended June 30.
Interpublic reported flat Q2 net revenues of $2.3B and a 2.4 percent rise in operating income to $318.2M.
Publicis Groupe CEO Arthur Sadoun expects the French communications combine to post 5.6 percent organic growth in 2024, which is up from his original 4.5 percent projection.
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