Big Lots Faces Potential Bankruptcy Amid Sales Decline

The discount retailer seeks investors to avoid Chapter 11 as shares plummet and executives receive retention bonuses.

Big Lots is considering filing for Chapter 11 bankruptcy due to prolonged sales declines and financial losses.
The company is actively seeking investors to improve liquidity and avoid bankruptcy protection.
Big Lots' shares have dropped over 90% this year, with recent trading showing a 27% decline.
Executives recently received over $5 million in retention bonuses, signaling potential bankruptcy preparations.
The retailer has been working with AlixPartners to manage costs and navigate financial challenges.