Big Lots as consumers continue to spend less has filed for bankruptcy protection

With a plan in place to sell itself already after years piling losses.

The Lowdown

According to CNN, the discount chain is to be acquired by Nexus Capital Management. No store closures were announced with the news, however, the chain had already planned 300 closures prior to its announcement.

Big Lots has been hit hard by dwindling foot traffic and consumers spending much less in an ongoing cost of living crisis plaguing the United States.

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