Big Lots Files for Chapter 11 Bankruptcy and Agrees to Sale

Nexus Capital Management to acquire assets as retailer plans significant store closures and restructuring efforts.

Big Lots has filed for Chapter 11 bankruptcy and plans to close up to 315 stores as part of its restructuring efforts.
Nexus Capital Management agreed to acquire Big Lots' assets for $760 million, subject to a court-supervised auction.
The retailer's financial struggles stem from a shift in consumer spending habits, fierce competition, and operational inefficiencies.
Big Lots aims to maintain operations during the restructuring process with $707.5 million in financing.
The company is focusing on optimizing its operational footprint and distribution centers to stabilize its business.