English 
हिन्दी 
Big Lots has officially filed for Chapter 11 bankruptcy, citing “substantial doubt” about its ability to continue operating.
The retail chain giant announced that Nexus Capital Management, a private equity firm, will acquire “substantially all” of the company’s stores and business operations. However, Big Lots’ physical locations and online stores will remain open to customers throughout the proceedings.
Bruce Thorn, CEO of Big Lots, expressed, “The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value.”
ALSO READ| Waffle House CEO Walt Ehmer dies at 58 after ‘long illness’; Atlanta Mayor pens tribute for ‘remarkable legacy’
Nexus Capital becomes the ‘stalking horse bidder’ for Big Lots
Big Lots’ financial troubles have been exacerbated by a decline in discretionary spending on home and seasonal products, which form a large part of the company’s revenue. Despite its financial struggles, Big Lots has secured $707.5 million in new financing to support ongoing operations, including paying employees and vendors. Nexus Capital Management has been named the “stalking horse bidder.”
The bankruptcy filing is being attributed to a range of economic pressures, including high inflation and rising interest rates. These factors altered consumer behaviour, with many shoppers adjusting their spending habits. While people continue to seek out value, they aren’t necessarily focusing solely on lower-cost options.
ALSO READ| ‘Senseless act of gun violence’: Adult film star Jay Hefner, 24, shot dead ‘while protecting family’
The company noted that dollar stores are also facing difficulties, while larger players like Walmart and Amazon have seen their sales grow. Fast food chains like McDonald’s are also experiencing challenges, whereas casual dining establishments like Applebee’s are thriving.
ALSO READ| Donald Trump ‘hyper-aware’ that he is cognitively slipping, biographer says: ‘Reflection of someone who’s very troubled’
Now the retailer has been closing stores, with approximately 300 out of its 1,400 locations already slated for closure. While no new closures were announced in conjunction with the bankruptcy filing, the company hinted that additional locations may be shut down to ensure the business remains viable.
“We will need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers,” the company explained.
