Big Lots Considers Chapter 11 Bankruptcy

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.