Discount retailer #BigLots files for bankruptcy

Big Lots has 1,400 stores across the U.S. with 30,000 employees. The company said private equity firm Nexus Capital is acquiring “substantially all” of its stores and operations.

Nexus Capital will serve as what’s known as a “stalking horse bidder” in the court-supervised auction process. This means its acquisition is expected to close later this year — unless a better offer comes along.

Big Lots blames its current situation on factors like high inflation and interest rates and changes in customer spending habits. Big Lots is already in the process of shuttering around 300 stores but said additional closures are planned as the company continues to evaluate its operations.

[OGHiddenpaw]

I thought big lots went out of business three years ago.

[lostinspace]

They are closing 6 out of 8 stores in my town. The thing is this is a horrible plan. People will not drive half an hour for cheap furniture unless you give bigger discounts than now.

[alltheworldsastage]

I've never even heard of Big Lots before.