Discount Chain Big Lots Files For Bankruptcy Protection

Bloomberg Business reports:

Discount retailer Big Lots Inc. has filed for bankruptcy protection and plans to sell the firm’s assets and ongoing business in a court-supervised process.

The Columbus, Ohio-based company said it filed for Chapter 11 bankruptcy in Delaware, according to a company statement. It listed assets and liabilities of $1 billion to $10 billion in its court petition.

Big Lots sought court protection after suffering from years of declining same-store sales and closing location. It entered into a sale agreement with an affiliate of private equity investor Nexus Capital Management LP.

Read the full article. Big Lots currently operates around 1300 US locations and has 27,000 employees. The company has closed 1100 locations over the last year and grossed $6.5 billion in its last reported fiscal year.

U.S. discount retail chain Big Lots filed for bankruptcy, the latest retail casualty as consumers rein in spending https://t.co/pVLJIey4x2 https://t.co/pVLJIey4x2

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