by Nicholas Ballasy
Big Lots said Monday the retail discount chain is filing for bankruptcy, citing such factors as high inflation and interest rates.
The company is filing for chapter 11 bankruptcy in which Nexus Capital Management, a private equity firm, will acquire most of Big Lots’ locations and oversee its operations when the process is complete, according to the bankruptcy filing.
The company’s retail locations and its online store will stay open during the process.
“Though most of our stores are profitable, and we are taking every step possible to improve the profitability of all our stores, we will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers,” Big Lots CEO Bruce Thorn in a statement.
“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,” he said.
“We appreciate the tremendous loyalty of our customers, and our core purpose of helping them ‘Live BIG and Save LOTS’ has never been stronger. As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience. We are grateful for the hard work and dedication of our associates who remain focused on delivering the best service possible for our valued customers, and we deeply appreciate the partnership of our vendors as we start a new chapter for our business,” he added.
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Nicholas Ballasy has been breaking news for more than a decade in the nation’s capital and questioning political leaders about the most pressing issues facing the nation. Since 2008, Ballasy has interviewed former President Bill Clinton, House Speaker Nancy Pelosi, former President Donald Trump, Sen. Mitt Romney, Sen. Bernie Sanders, Sen. John McCain, former Secretary of State Hillary Clinton, former Vice President Al Gore, former House Speaker Newt Gingrich and more.
