The discount retailer Big Lots, known for its treasure-hunt atmosphere and budget prices, has filed for bankruptcy and entered a sale agreement with a private equity firm.
After announcing the closure of more than 50 stores in California, the discount retailer Big Lots has filed for Chapter 11 bankruptcy and will be purchased by a private equity firm.
Known for carrying a wide array of products at budget prices sold in stores that offered a treasure-hunt atmosphere, the company will shut down hundreds of more stores as it navigates bankruptcy and new ownership.
“Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint,” Big Lots President and Chief Executive Bruce Thorn said in a statement Monday.
Big Lots has been struggling in recent months and has posted 16 consecutive quarters of comparable sales declines, CBS News reported.
