Big Lots Stores Closing List Amid Bankruptcy Filings and Sale to Private Equity Firm
Big Lots Files for Bankruptcy
In a significant move, Big Lots has declared bankruptcy, officially filing for Chapter 11 protection to manage its debts. The company attributes its struggles to inflation and rising interest rates, both of which have impacted retail sales significantly.
Details on Big Lots Stores Closing List
As part of its restructuring efforts, Big Lots has announced plans to close 315 stores across the nation. This decision follows a comprehensive review of its financial situation, highlighting the challenges it faces in the current economic environment.
Future Plans with Nexus Capital Management
Moving forward, Big Lots aims to liquidate its remaining assets to Nexus Capital Management, a private equity firm willing to rehabilitate the struggling retailer. This partnership is seen as a pivotal step to navigate the stormy business landscape.
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