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Big Lots files for bankruptcy
Big Lots files for bankruptcy
By Jordan Valinsky, CNN
2 minute read • Updated 8:46 AM EDT, Mon September 9, 2024
Big Lots filed for bankruptcy. Paul Weaver/Sipa USA/AP
New York (CNN) — Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy.
As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations. During the process, its locations and website will remain open for shopping.
“The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,” said Big Lots CEO Bruce Thorn in a press release.
Big Lots blamed several economic factors for its bankruptcy, including high inflation and interest rates. That has led customers to change their purchasing behavior. They’re seeking out value – but not necessarily lower costs. That’s why dollar stores have been struggling while sales at Walmart and Amazon have been booming. It’s also why McDonald’s has been struggling while casual chains like Applebee’s have been growing.
{snip}
By Jordan Valinsky, CNN
2 minute read • Updated 8:46 AM EDT, Mon September 9, 2024
Big Lots filed for bankruptcy. Paul Weaver/Sipa USA/AP
New York (CNN) — Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy.
As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations. During the process, its locations and website will remain open for shopping.
“The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,” said Big Lots CEO Bruce Thorn in a press release.
Big Lots blamed several economic factors for its bankruptcy, including high inflation and interest rates. That has led customers to change their purchasing behavior. They’re seeking out value – but not necessarily lower costs. That’s why dollar stores have been struggling while sales at Walmart and Amazon have been booming. It’s also why McDonald’s has been struggling while casual chains like Applebee’s have been growing.
{snip}
3 replies
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