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The US Sun
Big Lots ‘to sell off chain of stores nationwide’ as retailer ‘plans to file for bankruptcy in days’ after sales plummet
By Brandon Cruz,
5 hours ago
BIG Lots is reportedly set to file for bankruptcy as early as Sunday, with plans to sell its stores through a court-supervised process.
The retail giant will reportedly continue operating under Chapter 11 protection and is said to be in the process of securing a stalking horse bid – the first bid placed on a bankrupt company’s assets before a public auction.
Big Lots will reportedly file for bankruptcy as early as the end of the week Getty Big Lots previously announced the closure of 315 stores nationwide Getty Images - Getty
It comes after the retailer announced the release of its second-quarter earnings release had been pushed back from September 6 to 12.
Now, the possible shutting down of every store across the nation would affect over 30,000 workers in total.
It would also close the remaining 1,400 stores around the country.
Big Lots has reportedly been working closely with financial advisors, AlixPartners and Guggenheim Partners, to work through the bankruptcy process and ultimately the sale.
In just one year, the retailer’s stock has plummeted by over 90%, effectively putting the chain in panic mode.
At first, Big Lots thought they would be able to dig themselves out of the hole they were in.
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