Discount retail chain Big Lots is preparing to file for bankruptcy.
The retailer intends to sell its chain of stores through a court-supervised process.
🚨New: Big Lots is preparing to file for bankruptcy and plans to sell its chain of stores.
What is your response? pic.twitter.com/9P0pDQ00bQ
— The Calvin Coolidge Project (@TheCalvinCooli1) September 6, 2024
Big Lots, which employs over 30,000 people, has experienced declining sales in recent years.
Big Lots going from an all-time high to bankruptcy in about three years is truly impressive.
Shows the often ridiculous relationship between market expectations and underlying business fundamentals.
Been covering this in The Daily Rip most of the way down, wild story lol… pic.twitter.com/rtPS32n7xi
— Tom Bruni, CPA, CMT (@BruniCharting) September 6, 2024
Bloomberg reports:
The company will continue to operate under Chapter 11 protection, the people said, and is in the process of lining up a so-called stalking horse bid, meaning it’s subject to better offers should any materialize. The company has been working with advisers from AlixPartners and Guggenheim Partners on the bankruptcy and sale…
Read the full article here