Big Lots filed for bankruptcy protection, citing stubborn inflation, high interest rates and a slowdown in consumer spending on home goods such as furniture and decor.
Private equity firm Nexus Capital Management has agreed to buy Big Lots for $760 million, consisting of $2.5 million in cash plus its remaining debt.
The home goods sector has been under pressure over the last two years after demand surged during the Covid-19 pandemic.
They are the vampire squid wrapped around the head of the American economy, repeatedly thrusting their blood funnel into its face.
Thanks Taibbi