Reported about 1 month ago
Discount retailer Big Lots Inc. has filed for Chapter 11 bankruptcy in Delaware, citing years of declining sales and store closures. The company intends to sell its assets to Nexus Capital Management, which will act as a stalking horse bidder in the court-supervised process. Big Lots has secured $707.5 million in post-petition financing to maintain liquidity during the sale, with expectations to close the transaction in the fourth quarter of 2024.
Source: YAHOO