Mon Sep 09 15:40:00 UTC 2024: ## Big Lots Files for Bankruptcy, Plans to Sell to Nexus Capital Management
**Columbus, Ohio** – Discount retailer Big Lots filed for bankruptcy on Monday, citing a prolonged period of financial losses. The company plans to sell to private equity firm Nexus Capital Management under a Chapter 11 reorganization plan. While no immediate store closures were announced, Big Lots is already in the process of closing approximately 300 locations nationwide.
The Ohio-based company, known for its budget-friendly home decor and furniture, has been experiencing declining sales since 2022. This downturn is attributed to a general decrease in consumer spending after the pandemic-fueled surge, according to the Wall Street Journal.
Despite the bankruptcy filing, Big Lots currently operates over 1,300 stores across the United States. The sale to Nexus Capital Management is subject to court approval but is expected to be finalized by the end of the year.
This news comes shortly after another prominent chain, Red Lobster, also filed for bankruptcy. The recent wave of bankruptcies highlights the ongoing challenges facing retailers as they grapple with inflation and evolving consumer behavior.
First Piper 