The retailer filing for chapter 11 bankruptcy, blaming economic challenges like high inflation and shifts in consumer spending.
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00:00Big Lots is about to get a bit smaller.
00:02The retailer filing for Chapter 11 bankruptcy,
00:06blending economic challenges like high inflation
00:08and shifts in customer spending.
00:11Nexus Capital Management acquiring most of its stores and operations,
00:15and Big Lots will remain open during the process.
00:18The company plans to close about 300 stores
00:21and has secured $700 million in new financing.
00:25Retail bankruptcies have become increasingly common,
00:28as customers cut back on non-essential purchases.