From CNBC: 2024-09-09 10:06:54

Discount home goods retailer Big Lots Inc. is set to file for bankruptcy. After experiencing slow demand due to high interest rates and a sluggish housing market, the company plans to sell its chain of stores to private equity firm Nexus Capital Management for $760 million. Big Lots operates over 1,300 stores across 48 states, generating $4.7 billion in revenue in 2023. To improve its financial situation, the company is closing nearly 300 stores and will continue operating under new ownership while focusing on cost reduction and operational improvement. Despite recent challenges, Big Lots remains committed to offering extreme value and an outstanding customer experience. The company will hold a court-supervised auction for its business, giving potential buyers the opportunity to make a higher bid than the current offer from Nexus Capital Management.



Read more at CNBC: Big Lots bankruptcy, plans sale and store closures