West Virginia (CNN) – Financial woes for another big discount retailer…
Big Lots announces that it is filing for Chapter eleven bankruptcy.
The retailer blamed several economic factors for the move, including high inflation and interest rates.
As part of the filing, a private equity firm, Nexus Capital Management, will take over nearly all of Big Lots’ stores and business operations.
The 57-year-old company has secured over 700 million dollars in fresh financing to keep operating and pay its employees and vendors.
Big Lots is in the process of closing roughly 300 of its 1400 stores across the United States.
The company said more store closures could be coming.
Big Lots joins a growing list of well-known retailers experiencing financial turbulence as customers cut back on spending on non-essential items.
