The Ohio-based retailer plans to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.
Despite improving performance this year, the board that guides the Ohio-base retailer determined during a strategic review the proposed sale to Nexus was the right move for the business.Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection, as it contends with a pullback in consumer spending and soft sales.
Big Lots said that its performance has been improving, but that its board determined during a strategic review that the proposed sale to Nexus was the right move for the business. The company had postponed the release of its second-quarter results to later this week. Neil Saunders, managing director of GlobalData, said in an emailed statement that Big Lots seems to have lost some customers at a time when consumers are comparing prices more.
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