Big Lots Execs Warn of ‘Doubt About the Company’s Ability to Continue’

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Popular discount store Big Lots has alerted financial regulators in a recent filing that the company’s staggering losses over the last two years have raised “substantial doubt about the company’s ability to continue.”submitted to the U.S. Securities and Exchange Commission revealed that the financial setbacks forced Big Lots executives to eat through their spare cash, which was meant to cover the cost of stock.

“Failure to comply with the Excess Availability Covenant would result in an event of default which could result in an acceleration of our obligations under the Term Loan Facility and the 2022 Credit Agreement,” company officials continued. “We can provide no assurance that the lender parties under the Term Loan Facility or the 2022 Credit Agreement would waive the Company’s failure to comply with the Excess Availability Covenant.”reported.

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