(Reuters) – U.S. low cost residence items retailer Large Heaps (NYSE:) stated on Monday it has secured $707.5 million to help its operations and promote its enterprise to non-public fairness agency Nexus Capital, because it has initiated chapter proceedings beneath Chapter 11.

Large Heaps listed its property and liabilities within the vary of $1 billion to $10 billion, in line with a submitting with chapter courtroom in Delaware, which confirmed collectors within the vary of 5,001-10,000.

Nexus will function a “stalking horse bidder” in a court-supervised public sale course of, Large Heaps stated, including that the deal will shut within the fourth quarter of 2024 if Nexus is deemed the successful bidder.

A stalking horse bid is used as a beginning or minimally accepted provide that different bidders should surpass in the event that they need to purchase the asset or the corporate.

Large Heaps stated its second quarter outcomes are in step with the steerage. The corporate will launch its full second-quarter outcomes on Sept. 12, after beforehand suspending from Sept. 6.

Large Heaps, a retailer working round 1,400 shops throughout the U.S. and using greater than 30,000 employees, has been grappling with declining gross sales over the previous few quarters, placing strain on its steadiness sheet.