The retailer blamed several economic factors for the move, including high inflation and interest rates, that caused its core customers to cut discretionary spending “on the home and seasonal product categories that represent a significant portion” of its revenue.
As part of the filing, private equity firm Nexus Capital Management will take over nearly all Big Lots’ stores and business operations.
Nexus Capital will serve as a “stalking horse” bidder in a court-supervised auction, with the proposed sale subject to higher offers or other bids that could be considered better, the Associated Press reported. If Nexus winds up as the winning bidder, the deal is anticipated to close in the fourth quarter.
The 57-year-old company has secured more than $700 million in fresh financing to keep operating and to pay employees and vendors.
CONTINUE READING ON THE NEXT PAGE Advertisement:
Discover the Morning Miracles of a Cucumber, Ginger, and Lemon Drink
Pecan Perfection Pound Cake
How to Make Tasty Herb and Cheese Scones
The Prank That Ended a Wedding: A Father’s Powerful Stand
Home remedy to fall asleep quickly and wake up refreshed.
How to clean a shower window? Our tips
How to have softer towels, whiter and scented with vinegar
What is the purpose of the washing machine residue filter?
Found small, seedlike objects in my roommate’s bed. They’re not dirt—any thoughts on what they might be?
