News Formal

Big Lots files for bankruptcy, announces sale to investment firm

  • 📰 FOX10Phoenix
  • ⏱ Reading Time:
  • 9 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 68%

Business News

News,Us,Us

Big Lots previously expressed 'substantial doubt' about its ability to continue operating.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Big Lots is closing hundreds of stores after warning it could go out of businessBig Lots is closing more than 300 locations across the United States, or roughly 4% of its stores, following an earlier warning that its future was in 'substantial doubt' amid ongoing financial troubles.
Source: KSLcom - 🏆 549. / 51 Read more »