COLUMBUS, Ohio (WCMH) -- Big Lots is auctioning off the leases of two central Ohio stores that closed after the retailer was sold for more than $700 million to an investment firm.
The Columbus-based chain's stores at 1451 W. Fifth Ave. near Grandview Heights and at 60 E. Schrock Road in Westerville permanently shuttered on Monday and are among nearly 170 locations nationwide whose leases are up for auction. The auction is set to take place on Wednesday, with the winners finalized in court on Dec. 19.
"These locations are in desirable, strategically positioned shopping centers and markets across the United States," said Emilio Amendola, the co-president of A&G Real Estate Partners who is facilitating the auction. "At a time when retail occupancies are the tightest in recent memory, the availability of these leases presents an incredible opportunity."
Several other Ohio stores are also included in the lease auction, including locations in Aurora, Blue Ash, Cincinnati, Highland Heights, Mount Vernon, North Olmstead and Rossford.
Ollie's Bargain Outlet is converting 17 former Big Lots into new Ollie's stores after taking part in a previous lease auction. Other buyers have included Burlington, which purchased 15 former Big Lots; Aldi, which acquired a Louisiana store; and Dick's Sporting Goods, which bought a New Jersey store.
The auction comes as Big Lots is being sold for $765 million to Santa Monica-based investment firm Nexus Capital Management. The investment firm, whose portfolio includes Dollar Shave Club, Toms and Natural Balance Pet Food, is expected to take over later this month.
"This marks an important step that positions us to move forward on stronger financial footing with a new owner," said Bruce Thorn, Big Lots CEO, in a statement at the time of the sale. “Nexus has an established track record of supporting customer-facing companies similar to Big Lots.”
Headquartered west of New Albany, Big Lots filed for Chapter 11 proceedings in September. At the time, the chain also entered into the sale agreement with Nexus, which will acquire all the company’s assets and business operations.
Big Lots has said it would continue “to assess its operational footprint” as part of the court-supervised sale process. This included closing more than 550 stores nationwide. The Westerville store was among the most recent round of shutdowns.
The closure came after the retailer reported a $238 million loss during its second quarter this year and announced it was closing its distribution center in west Columbus by the end of October, leaving nearly 400 people without jobs. The company filed a notice to the City of Columbus that did not provide a reason for closing the center at 300 Phillipi Road.
