Big Lots Files For Chapter 11 Bankruptcy And Announces Sale To New Owner
Sonora, CA — Discount retail chain Big Lots, which has a store in Sonora, has filed for Chapter 11 bankruptcy protection.
The Ohio-based company will sell its assets and business operations to the private equity firm Nexus Capital Management.
As of May, it had been operating 1,300 stores across 48 states. Over the past year, Big Lots has closed over 100 stores. The company reports that it still plans to close some additional locations, but did not specify how many, or which ones.
The company cites reduced consumer spending and soft sales as reasons for the bankruptcy filing, which was made difficult by rising inflation and high interest rates.
Big Lots will continue to sell goods at its stores, and online, during the court-supervised sale process.
Big Lots CEO Bruce Thorn said in a statement released to the media, “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.”
