Several private equity firms have joined to bid for Ohio-based retail firm, Big Lots, Financial Times reports, citing dealReporter. TPG and Bain Capital have formed one group, while Leonard Green & Partners and CVC Capital Partners have joined forces for another consortium to participate in the auction.

Boston-based leading private equity firm, Thomas H Lee Partners may enter the bid alone. The next round of bids is scheduled around April 20, 2011. Big Lots will be financially advised by Goldman Sachs on the sale.

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