Big Lots files Chapter 11 bankruptcy, sells assets to Nexus, closes 300 stores, and continues operations.
Big Lots, a discount retailer, has filed for Chapter 11 bankruptcy due to declining sales and economic pressures like high inflation. The company plans to sell its assets to Nexus Capital Management while closing nearly 300 of its 1,400 stores to stabilize operations. Despite the bankruptcy, Big Lots will continue to operate its stores and website. This situation may present growth opportunities for competitor Ollie's Bargain Outlet, which could expand its footprint significantly.
September 09, 2024
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