Big Lots Files For Bankruptcy Blames Inflation For Economic Problems
5 weeks ago
Big Lots is filing for Bankruptcy after previously warning that it had “substantial doubt” about its survival.
As part of its Chapter 11 filing, the discount retailer announced that Nexus Capital Management will acquire pretty much all its stores and operations.
Big Lots blamed several economic factors including high inflation and interest rates that have led customers to change their shopping habits. Saying its core customers curbed their discretionary spending - meaning the current economic situation is having a major impact on lower income people.
Big Lots is in the process of closing roughly 300 of its stores across the Nation.
Big Lots is the latest in a growing list of businesses that are closing or filing for bankruptcy.
As part of its Chapter 11 filing, the discount retailer announced that Nexus Capital Management will acquire pretty much all its stores and operations.
Big Lots blamed several economic factors including high inflation and interest rates that have led customers to change their shopping habits. Saying its core customers curbed their discretionary spending - meaning the current economic situation is having a major impact on lower income people.
Big Lots is in the process of closing roughly 300 of its stores across the Nation.
Big Lots is the latest in a growing list of businesses that are closing or filing for bankruptcy.
