Discount retailer Big Lots is considering filing for bankruptcy as it faces declining sales, according to a report citing people familiar with the situation.
Big Lots is reportedly weighing the possibility of filing for bankruptcy due to declining sales. The discount retailer is considering filing for bankruptcy as a potential option, Bloomberg reported late Wednesday, citing people with knowledge of the plans. A source familiar with the situation told the outlet that Big Lots is trying to dodge Chapter 11 by hunting for investors.
" In the first quarter, the discount retailer said its net sales for the three-month period declined 10.2% year over year to $1 billion. For all of 2023, net sales were $4.72 billion, a 13.6% decrease compared with the prior year. BIG LOTS COULD POTENTIALLY CLOSE 315 STORES More recently, in an Aug. 2 filing, the company told investors that it had upped the number of permitted store closings to a maximum of 315 as part of late July amendments to a credit agreement and term loan facility.
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