Houston is currently auctioning off five former Big Lots leases as the retailer works through its Chapter 11 bankruptcy reorganization. A total of approximately 150 stores are up for bids in the next auction, with several dozen already sold. The company is also in talks to be acquired by Nexus Capital Management.
The upcoming auction will be managed by A&G Real Estate Partners on behalf of Big Lots, and an updated list of available properties has been released for December bidding. These properties include locations in Houston, Katy, Pearland, Spring and Tomball.
Bids were due on December 2nd with the actual auction taking place on December 4th. The court will announce winners on December 19th.
Previous auctions have seen prominent buyers such as Ollie’s Bargain Outlet, Burlington and Dick’s Sporting Goods making purchases from Big Lots’ closing stores.
Overall, more than half of the expected closures (550) have already taken place as part of their bankruptcy proceedings.
