Big Jump for Big Lots as Discount Retailer Inks $725 Million Real Estate Deal [TheStreet.com]
Big Lots, Inc. (BIG)
Last big lots, inc. earnings: 2/27 04:05 pm
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Source: TheStreet.com
Shares of Big Lots(BIGGet ReportBig Lots' stock price shot up more than 29% to $20.38 a share on news of the deal with Oak Street Capital.After expenses and taxes, Big Lots expects to pocket $550 million for the deal, which involves distribution centers in Columbus, Ohio, where the retailer is headquartered, as well as in Durant, Okla., Montgomery, Ala., and Tremont, Penn.Big Lots will use the cash to pay off its revolving credit line and boost liquidity while looking ahead to potential growth initiatives and share buybacks "when market conditions normalize."The sale leaseback agreement with Chicago-based Oak Street is expected to close in Big Lots' fiscal second quarter, the retailer said."The transactions will provide the company with significant additional liquidity to navigate the current uncertain environment," said Bruce Thorn, president and CEO of Big Lots, in a press statement.However, a pair of investor groups seeking to wrest control of Big Lots board, while praising the de
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