AZ Sun Times
by Nicholas Ballasy
Big Lots said Monday the retail discount chain is filing for bankruptcy, citing such factors as high inflation and interest rates.
The company is filing for chapter 11 bankruptcy in which Nexus Capital Management, a private equity firm, will acquire most of Big Lots’ locations and oversee its operations when the process is complete, according to the bankruptcy filing.
The company’s retail locations and its online store will stay open during the process.
“Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers,” Big Lots CEO Bruce Thorn 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,” he said.
MORE HERE
keep up the ****** gun control @ your store in 78664, asshole. while your shitholer store sales decline.
This economy coupled with an administration that encourages and enables looting without consequences will be the death of retail… then up the ladder it goes!
@ 100: anything goes, with the rat mofos!
My nephew works there, a lot of people do, its a big company and it sucks when this happens.
They spent WAY too much money on new stores though, Im sure that didnt help, the one he worked at built new just around the corner from the old K-Mart they were in, for no particular reason I could fathom.
My wife says, “Well, HIS store isnt closing!”. As a survivor of both K-Mart and Sears, I can only say, “Not closing YET”.
Theyre looking for a sugar daddy to buy them out of bankrupcy, and in retail those aint easy to find, and theyll keep shedding stores until they DO.
“….we will need to close certain locations to ensure that our business operates efficiently”
Liiiike……close certain locations within Big Blue DildoCrat run cities, mebbe?