Known as a retailer Big Lots The company is preparing to file for bankruptcy, as other companies across the United States have done recently.
The discount home goods store could file as early as Sunday, Bloomberg reported Friday, citing people familiar with the matter, and the company plan The store will be sold under court supervision.
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The company will continue to operate under Chapter 11 bankruptcy protection and is preparing a so-called stalking horse bid if a better offer materializes, according to people familiar with the matter. The company is working with advisers AlixPartners and Guggenheim Partners on the bankruptcy and sale process.
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Big Lots, which operates about 1,400 stores and employs more than 30,000 people, has struggled with declining sales for years, including in recent quarters when rising inflation squeezed the wallets of thrifty shoppers. The company's shares have plummeted to around $0.50 after hitting a high of more than $72 in 2021.
The news comes after restaurant chain Red Lobster filed for Chapter 11 bankruptcy protection, followed by low-cost gym chain Blink Fitness filing for bankruptcy and Rite Aid Pharmacy closing all of its stores in Michigan and Ohio following the company's recent bankruptcy filing.
President Joe Biden's economic policies have left Americans with inflation hurting, and the middle class is now too poor to buy the things they need at the dollar store, Breitbart News' John Carney reported Wednesday.
“Dollar Tree's latest earnings report is a stark reflection of the state of the American economy. What we're witnessing isn't just minor fluctuations in retail performance; A broader indictment of the economy Under the leadership of Joe Biden and Kamala Harris, it has clearly lost its way,” Carney wrote.
“The Biden-Harris Administration has slammed consumers with reckless fiscal expansion and ideological arrogance. Even the wealthy will be hit.“And now, with Dollar Tree's stock price down nearly 25 percent, the axe has finally bitten the grain,” he said.
