Big Lots filed for Chapter 11 bankruptcy, planning to close 295 of its 1,400 stores, citing high interest rates and inflation as major challenges.
The company said many customers have cut spending on non-essential items, leading to declines in sales that typically include home decor and appliances.
Nexus Capital Management is set to acquire Big Lots post-bankruptcy, aiming to leverage its existing consumer brands and possibly revitalize the chain.
During my visit to a Big Lots in Maryland, I was surprised at the variety of food items available, including many shelf-stable grocery goods.
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