{"id":1719,"date":"2020-04-09T16:10:00","date_gmt":"2020-04-09T16:10:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2504327"},"modified":"2020-04-09T16:10:00","modified_gmt":"2020-04-09T16:10:00","slug":"big-lots-announces-725-million-sale-leaseback-agreement","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/","title":{"rendered":"Big Lots Announces $725 Million Sale\/Leaseback Agreement"},"content":{"rendered":"

Big Lots, Inc. (NYSE: BIG) today announced that it has entered into sale and leaseback agreements with affiliates of Oak Street Real Estate Capital, LLC (“Oak Street”) relating to the company’s distribution centers in Columbus, OH<\/span>, Durant, OK<\/span>, Montgomery, AL<\/span>, and Tremont, PA.<\/span> The transactions are expected to close in the company’s fiscal second quarter, subject to continued due diligence, final documentation, and other customary closing conditions.<\/p>\n

Gross proceeds from the transactions are expected to be $725 million<\/span>. Net of expenses and taxes, the company expects to receive estimated net proceeds of approximately $550 million<\/span>.<\/p>\n

The company intends to use the net proceeds from the sale and leaseback transactions to fully pay down debt on its revolving credit facility, provide additional liquidity and, when market conditions normalize, for other corporate purposes including investments in growth initiatives and potential share repurchases pursuant to future authorizations from the company’s Board of Directors.<\/p>\n

Commenting on today’s announcement, Bruce Thorn<\/span>, President and CEO of Big Lots stated, “We are pleased to have reached an agreement with Oak Street for the sale and leaseback of our four company-owned distribution centers. Our Board and management team regularly evaluate ways to optimize our balance sheet while maintaining a conservative capital structure. The transactions will provide the company with significant additional liquidity to navigate the current uncertain environment. In addition, when we return to more normal conditions, it will enhance the company’s ability to take other measures to drive shareholder value.”<\/p>\n

About Big Lots, Inc.
<\/strong>Headquartered in Columbus, Ohio<\/span>, Big Lots, Inc. (NYSE: BIG) is a discount retailer operating 1,405 BIG LOTS stores in 47 states with product assortments in the merchandise categories of Furniture, Seasonal, Soft Home, Food, Consumables, Hard Home, and Electronics, Toys & Accessories. The company’s mission is to help people Live BIG and Save Lots. The company strives to be the BIG difference for a better life by delivering unmatched value to customers through surprise and delight, being a “best places to work” culture for associates, rewarding shareholders with consistent growth and top tier returns, and doing good in communities as the company does well. For more information about the company, visit www.biglots.com.<\/p>\n

About Oak Street Real Estate Capital, LLC
<\/strong>Oak Street Real Estate Capital, LLC (“Oak Street”) is a Chicago<\/span>-based real estate investment firm focused on acquiring properties net-leased to investment grade rated tenants. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. For more information, please email info@oakstreetrec.com.<\/p>\n

\n

See Campaign: <\/strong>http:\/\/www.biglots.com<\/a>
Contact Information:<\/b>
info@oakstreetrec.com.<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, Wire Real Estate<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

\n

Contact Information:<\/h3>\n

info@oakstreetrec.com.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Big Lots, Inc. (NYSE: BIG) today announced that it has entered into sale and leaseback agreements with affiliates of Oak Street Real Estate Capital, LLC (“Oak Street”) relating to the company’s distribution centers in Columbus, OH, Durant, OK, Montgomery, AL, and Tremont, PA. The transactions are expected to close in the company’s fiscal second quarter, subject to continued due diligence, final … Continue reading Big Lots Announces $725 Million Sale\/Leaseback Agreement<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54,18],"tags":[],"class_list":["post-1719","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire","category-wire-real-estate"],"yoast_head":"\nBig Lots Announces $725 Million Sale\/Leaseback Agreement - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Lots Announces $725 Million Sale\/Leaseback Agreement - Business\" \/>\n<meta property=\"og:description\" content=\"Big Lots, Inc. (NYSE: BIG) today announced that it has entered into sale and leaseback agreements with affiliates of Oak Street Real Estate Capital, LLC (“Oak Street”) relating to the company’s distribution centers in Columbus, OH, Durant, OK, Montgomery, AL, and Tremont, PA. The transactions are expected to close in the company’s fiscal second quarter, subject to continued due diligence, final … Continue reading Big Lots Announces $725 Million Sale\/Leaseback Agreement Continue Reading →\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/\" \/>\n<meta property=\"og:site_name\" content=\"Business\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-09T16:10:00+00:00\" \/>\n<meta name=\"author\" content=\"Asiya\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Asiya\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/\",\"url\":\"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/\",\"name\":\"Big Lots Announces $725 Million Sale\/Leaseback Agreement - Business\",\"isPartOf\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#website\"},\"datePublished\":\"2020-04-09T16:10:00+00:00\",\"author\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37\"},\"breadcrumb\":{\"@id\":\"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ipsnews.net\/business\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Big Lots Announces $725 Million Sale\/Leaseback Agreement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ipsnews.net\/business\/#website\",\"url\":\"https:\/\/ipsnews.net\/business\/\",\"name\":\"Business\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ipsnews.net\/business\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37\",\"name\":\"Asiya\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g\",\"caption\":\"Asiya\"},\"sameAs\":[\"https:\/\/icrowdnewswire.com\/fc\"],\"url\":\"https:\/\/ipsnews.net\/business\/author\/asiya\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Big Lots Announces $725 Million Sale\/Leaseback Agreement - Business","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ipsnews.net\/business\/2020\/04\/09\/big-lots-announces-725-million-sale-leaseback-agreement\/","og_locale":"en_US","og_type":"article","og_title":"Big Lots Announces $725 Million Sale\/Leaseback Agreement - Business","og_description":"Big Lots, Inc. 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