Big Lots files for bankruptcy protection, sells to private equity firm as it promises to keep offering 'extreme bargains'
Publishing timestamp: 2024-09-09 14:06:54
Summary
Big Lots filed for bankruptcy protection due to high interest rates and sluggish consumer spending on home goods. Private equity firm Nexus Capital Management has agreed to buy Big Lots for $760 million. The company plans to close nearly 300 stores to reduce costs and improve its balance sheet.
Sentiment: NEGATIVE
Keywords: big lots inc, breaking news: business, business news, tjx companies inc, business, walmart inc, bankruptcy figures, wayfair inc, real estate, retail industry,
Source: https://www.cnbc.com/2024/09/09/big-lots-bankruptcy-plans-sale-and-store-closures.html