Daily News
From Home Furnishing Business
Big Lots Considers Company Path Amid Years of Decline
August 29,
2024 by Karen Parrish in Business Strategy, Industry 
Big Lots is considering a potential bankruptcy filing after years of sales decline according to a report in Bloomberg citing people with knowledge of the plans.
Those who shared the news asked to remain anonymous as the plans are not settled and the final path could change. The company is seeking investors as a possible way to avoid filing for Chapter 11 bankruptcy.
After news of the possible filing, Big Lots shares fell in after-market trading 30% in New York.
According to Bloomberg’s report, “Representatives for Big Lots didn’t respond to requests for comment on the company’s plans, and a spokesperson for Alixpartners ( declined to comment.”
Also, “The chain on Aug. 12 approved one-time retention bonuses for its top executives totaling over $5 million. Such payments often precede corporate restructurings, especially in Chapter 11, and serve to keep key management from jumping ship during the effort.”