Big Lots has been negatively impacted by high inflation and interest rates, leading to a significant pullback in consumer spending, particularly in critical home and seasonal product categories.
Despite a nine-quarter decline in same-store sales, Big Lots' board concluded that selling to Nexus Capital was the best strategic move to enhance the business and reclaim financial stability.
Big Lots will continue operations and sales through its stores and website during the court-supervised sale, although some store closures are planned without specified details.
Our actions will allow us to move forward under new ownership that believes in our mission, while optimizing operations and striving to be a leader in extreme value, said CEO Bruce Thorn.
Collection
[
|
...
]