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:
How To Make Bacon Wrapped Chicken Tenders
Unveiling the Golden Fusion: A Lemon and Egg Elixir
A Quick and Simple Remix for Instant Deliciousness
How Ricky Nelson saved the lives of his twin boys on the mysterious plane accident that led to his own death
10 C.a.n.c.e.r-Linked Foods You Should Never Put in Your Mouth Again!
My hubby is obsessed with this soup. As soon as we finish one bowl, he’s ready for another.
How to Detox Each Organ To Never Be Sick or Tired Again
Butter Biscuits
Schneider möchten nicht, dass Sie dieses Geheimnis erfahren! Reparieren Sie jeden Reißverschluss in 2 Minuten