Big Lots weighing possibility of bankruptcy filing as sales dwindle
Discount retailer Big Lots is considering filing for bankruptcy as it faces declining sales, according to a report citing people familiar with the situation.
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Big Lots Stock Tumbles on Reports Retailer Is Considering Filing for Bankruptcy
Discount retailer Big Lots (BIG) is reportedly seeking investors to avoid filing for Chapter 11 bankruptcy protections after an extended decline in sales and several quarters of losses.
Report: Big Lots Seeking Investors and Considering Bankruptcy
Big Lots is reportedly considering bankruptcy amid continued declines in sales. The off-price home goods retailer received a loan earlier this year to help it navigate a liquidity crunch and is now seeking investors in an attempt to avoid bankruptcy, Bloomberg reported Wednesday (Aug. 28), citing unnamed sources.
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Big Lots could potentially close 315 stores
Up to 315 of discount retailer Big Lots' locations could be on the chopping block and facing potential closure, a Securities & Exchange Commission (SEC) filing from Friday indicated.
Discount retailer Big Lots plans to shutter more than 300 stores
Big Lots informed the SEC that the amended terms of a loan agreement include a reduced credit limit and higher interest rates on its credit line.
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