A&G to sell 296 Big Lots store leases

A&G Real Estate Partners had disclosed plans to market 296 Big Lots store leases across 28 states in connection with the closeout retailer’s restructuring and sale process.

Big Lots filed for bankruptcy on Sept. 9 as part of a deal to sell substantially all of its stores and business operations to Nexus Capital Management. On Sept. 10, as part of its "first-day hearing," Big Lots received court authorization to begin a sale process for 144 store leases. In the coming weeks, the chain will seek court approval of procedures to commence a sale process for 152 additional leases. (See end of article for listing of states. (See end of article for list of the 28 states.)

"On behalf of the company, A&G is currently engaged in nationwide lease-restructuring negotiations for Big Lots locations that have the greatest likelihood of serving customers going forward," said A&G co-president Andy Graiser. "As the company proceeds to facilitate the sale transaction with Nexus, it will continue to assess its real estate portfolio, closing additional stores as needed to achieve its goals."

The bid deadline for the auction process regarding the initial leases, which range in size from 18,000 to 58,400 sq. ft., is  Monday, September 16, at 5:00 p.m. (ET). The bid deadline for the additional leases will be announced when Big Lots receives court approval to start that sale process.