Discount retail chain Big Lots announced on Monday that it is filing for chapter 11 bankruptcy.
Nexus Capital Management, a private equity firm will be acquiring most of Big Lots' locations and oversee its operations when the process is complete.
Big Lots has cited inflation and high interest rates as some of the factors for the filing.
Big Lots CEO Bruce Thorn said in a statement...
"The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value."
By - SC
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