Business & Tech
Big Lots Declares Bankruptcy And Agrees To Be Bought By Private Equity Firm
"Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint," CEO Bruce Thorn said.
September 10, 2024
Big Lots is closing more than 300 stores; including stores in Philadelphia area
Find out what's happening in Across Minnesotafor free with the latest updates from Patch.
Big Lots said Monday that it has filed for Chapter 11 bankruptcy protection from its debts, with the discount retailer citing inflation and high interest rates for hurting its business.
The Columbus, Ohio-based company said it intends to sell its assets and what remains of its business to private equity firm Nexus Capital Management. The bankruptcy filing comes a month after Big Lots said it would close as many as 315 stores nationwide, with additional closures coming.
Find out what's happening in Across Minnesotafor free with the latest updates from Patch.
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