Commerce Sells Inventory to Big Lots for $6M, Proceeds to Go Toward $17.9M Bank Debt

Commerce Sells Inventory to Big Lots for $6M, Proceeds to Go Toward $17.9M Bank Debt

Tuesday, March 19, 2013
BALTIMORE - Big Lots Stores has agreed to purchase inventory from Commerce Corporation for an amount expected to exceed $6 million, according to recent bankruptcy court documents. Proceeds from the sale are planned to help pay Commerce's $17.9 million debt in principal to M&T Bank. Last month, five creditors filed an involuntary bankruptcy petition in court. DeWitt Company, Dramm Corporation, Franklin Electric, J.R. Peters and Premier Horticulture claim they are owed a combined $1.73 million from Commerce.