Big Lots files for bankruptcy, will close some stores amid sale to investment firm
By Pilar Arias | Fox Business
About three months after Big Lots noted "substantial doubt about the Company's ability to continue" in a U.S. Securities & Exchange Commission (SEC) filing, the company said on Monday it has secured $707.5 million to support its operations and sell its business to private equity firm Nexus Capital.
This comes as the company has initiated bankruptcy proceedings under Chapter 11. Big Lots listed its assets and liabilities in the range of $1 billion to $10 billion, according to a filing with bankruptcy court in Delaware, which showed creditors in the range of 5,001-10,000.
Big Lots cited troubles that began during the COVID-19 pandemic, and "macroeconomic factors such as high inflation and interest rates that are beyond its control."
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