Discount retailer Big Lots files for bankruptcy

Discount chain Big Lots has filed for bankruptcy and agreed to sell its assets to an affiliate of private equity firm Nexus Capital Management, the companies announced Monday.

The home goods chain is the latest retailer to stumble post-pandemic amid a run-up of inflation and interest rates and, more recently, a pullback by consumers. Joann, the sewing and crafts destination, filed for bankruptcy in March, followed by mall staple Express in April.

The Chapter 11 filing and sale “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,” said Big lots chief executive Bruce Thorn.

The company will soon enter a sale process supervised by U.S. Bankruptcy Court for the District of Delaware and close an unspecified number of stores.

This is a developing story and will be updated.

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