Big Lots, the discount retailer that previously expressed "substantial doubt" about its ability to continue operating, has filed for bankruptcy. The retailer said on Monday that it has initiated bankruptcy proceedings under Chapter 11, and that private equity firm Nexus Capital will "acquire substantially all of the Company’s assets and ongoing business operations.
" As a result, Big Lots says consumers are spending less on home and seasonal products, which is a "significant portion of the Company's revenue.
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