Big Lots Inc. stock BIG is up 4.1% in premarket trades Wednesday after the retailer said it inked a sale and leaseback agreement with affiliates of Blue Owl Capital for gross proceeds of $318 million. The company said May 24 it entered a letter of intent for the deal, which includes company’s distribution center in Apple Valley, Calif, and 26 stores. Big Lots will use $100 million the sale and leaseback transaction to fully pay down its synthetic lease on the Apple Valley distribution center, and to pay down debt. “We are highly focused on ensuring we have plenty of liquidity to get through this period of macroeconomic challenges, and monetizing these assets is a significant step forward in ensuring such liquidity,” said Big Lots CEO Bruce Thorn, in a statement.
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