LANSING, Mich. (Michigan News Source) – Another retailer is facing financial problems. Big Lots announced that it is filing for Chapter 11 bankruptcy.
The retailer blamed several economic factors for the move, including high inflation and interest rates that impacted its customer base.
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As part of the filing, private equity firm Nexus Capital Management will take over nearly all Big Lots’ stores and business operations. The company has secured more than $700 million in fresh financing to keep operating and to pay employees and vendors.
Big Lots is in the process of closing roughly 300 of its 1,400 stores nationwide; the company said more store closures could be coming. The retailer said that during and after the bankruptcy and sale process, they will continue to serve customers at their nearest store location or online.
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