Gordon Brothers served as the agent for a $150 million debtor-in-possession term loan for Big Lots Inc.

The U.S. closeout retailer focused on value will use the DIP loan during ongoing Chapter 11 bankruptcy proceedings to support the going-concern sale and stalking horse bid.

“Having established a working relationship with Big Lots over the last few years, and having previously provided a $200 million delayed draw term loan, we continue to provide a full suite of holistic services for a complete solutions-driven package,” said Kyle Shonak, Senior Managing Director, Transaction Team & Head of North America Lending at Gordon Brothers. “As the liquidation agent for the non-go forward store closures, distribution centers and the furniture, fixtures and equipment, we’ll continue to support the company during the sale process.”

Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services.

Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm’s tailor-made solutions provide clients additional capital alongside traditional debt and equity, and its structures complement senior asset-based lending facilities and include credit and yield enhancements.