big lots files for bankruptcy

Big Lots Files Bankruptcy: Some Stores to Close as Investment Firm Steps In

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Big Lots is going through some big changes. The discount store chain has filed for bankruptcy and plans to sell its business.

This comes after the company struggled with money problems for a while.

Big Lots says it has a deal to get $707.5 million to keep running its stores. They also want to sell the company to a group called Nexus Capital.

This is happening because Big Lots has been having a tough time lately.

The company says people aren’t buying as much stuff for their homes or seasonal items. These products make up a big part of what Big Lots sells.

They blame things like high prices and interest rates for making shoppers spend less.

Big Lots has about 1,400 stores across the country and over 30,000 workers. But they’ve been closing stores lately.

At first, they said they’d shut down 35 to 40 stores. Now, it looks like hundreds might close.

The CEO of Big Lots, Bruce Thorn, says these changes will help the company keep going. He thinks new owners will bring in money to make the business better.

They want to focus on selling really cheap stuff to customers.

Nexus Capital might buy Big Lots if no one offers more money. This deal could happen by the end of 2024.

Nexus says they want to make Big Lots the best place to buy cheap stuff again.

Even with all these problems, Big Lots says their money for the last few months is what they thought it would be. They’ll tell everyone more about how much money they made on September 12.

It’s been a bumpy road for Big Lots:

  • They filed for bankruptcy
  • They’re selling the company
  • They’re closing lots of stores
  • They got $707.5 million to keep running
  • Nexus Capital might buy them

Big Lots isn’t the only store having issues. Lots of shops are struggling because people aren’t buying as much.

It’s a tough time for stores that sell cheap stuff.

What happens next? We’ll have to wait and see. But Big Lots hopes these big changes will help them stay in business and keep selling cheap goods to shoppers.

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