Big Lots, a retailer operating around 1,400 stores and employing over 30,000 workers, has been grappling with declining sales over the past few quarters, putting pressure on its balance sheet.
NYPD Commissioner Edward Caban’s twin brother is ex-cop with checkered past that’s being eyed by feds as alleged ‘fixer’ for NYC hotspots: sourcesThe company will remain in operation under Chapter 11 protection, the report said, and is currently in the process of securing a stalking horse bid, which means that the bid could be outdone if better offers emerge.
Earlier in the day, the retailer announced the postponement of its second-quarter earnings release, which had been scheduled for Friday. The company now expects to report results on Sept. 12.Gary C. Klein/USA TODAY NETWORK-Wisconsin / USA TODAY NETWORK The company has been collaborating with advisers from AlixPartners and Guggenheim Partners on the bankruptcy and sale process, according to the report.Selena Gomez has her cosmetics company to thank for her billionaire statusBig Lots shares have plunged more than 90% in the past year and dropped more than 22% in extended trading on Friday.Its stock has plunged more than 90% in the past year and dropped more than 22% in extended trading on Friday.
Last week, Bloomberg reported that Big Lots was mulling a potential bankruptcy filing and may seek court protection within the coming weeks.
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