Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
Discount retailer Big Lots announced on Monday that it is undergoing a court-supervised sale process, which includes beginning Chapter 11 proceedings in U.S. Bankruptcy Court.Big Lots said it is selling its assets to Nexus Capital Management after securing over $705 million in financing.In recent times, Big Lots has started closing over 300 stores nationwide as the retailer struggled to come out of the COVID-19 pandemic.
RELATED STORY | Iconic online retailer officially no longer accepts this leading payment choice after decades in business'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,' Big Lots CEO Bruce Thorn said.
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