Big Lots Files for Chapter 11 Bankruptcy

The retailer filing for chapter 11 bankruptcy, blaming economic challenges like high inflation and shifts in consumer spending.

Transcript

00:00Big Lots is about to get a bit smaller.

00:02The retailer filing for Chapter 11 bankruptcy,

00:06blending economic challenges like high inflation

00:08and shifts in customer spending.

00:11Nexus Capital Management acquiring most of its stores and operations,

00:15and Big Lots will remain open during the process.

00:18The company plans to close about 300 stores

00:21and has secured $700 million in new financing.

00:25Retail bankruptcies have become increasingly common,

00:28as customers cut back on non-essential purchases.