Big Lots is reportedly considering filing for Chapter 11 bankruptcy due to prolonged sales declines and financial losses. The company has been seeking new investors to avoid bankruptcy and received a $200 million loan earlier this year to manage liquidity issues. Despite these efforts, Big Lots' shares have plummeted over 90% this year, with a recent drop of 27% following news of potential bankruptcy. The retailer has been working with consulting firm AlixPartners and has issued retention bonuses to key executives. Big Lots has not yet made a final decision on its bankruptcy plans but continues to explore financial options amid challenging market conditions and decreased consumer spending.