Big Lots Files for Bankruptcy

Discount retailer Big Lots filed for bankruptcy on Monday, unable to turn around a long losing stretch. The plan laid out in its Chapter 11 filing is to sell to Nexus Capital Management, reports CNN. No new store closings were announced, but the chain already was in the process of closing about 300 locations across the country. It currently operates about 1,300 US stores, notes the Wall Street Journal. The plan is still subject to approval, but it's expected to be in place by the end of the year.

The company based in Columbus, Ohio, sells lower-priced home decor and furniture, and it has been consistently posting losing quarters since 2022, notes the Journal (like this one earlier this year). The newspaper blames a general pullback in consumer spending after the post-pandemic-induced surge. (Red Lobster also filed for bankruptcy recently.)