Big Lots tumbles on report of it seeking new loan amid liquidity challenges

Former BL Stores

12/02/2024 12:38

** Shares of discount home retailer Big Lots  BIG.N  down
13.2% at $4.65
    ** Co is pursuing new financing as it battles years of
losses and diminishing liquidity, Bloomberg News reported on
Saturday, citing sources    
    ** The report says co has been leveraging its current assets
in recent years to preserve its cash reserves, resulting in
fewer assets accessible to support potential new debt
    ** Retailer has reported a sales drop for ten straight
quarters and seven quarters of losses due to slowing demand from
lower-income consumers because of still-high inflation
    ** Co runs a total of 1,425 stores and an e-commerce
platform
    ** Big Lots did not immediately respond to a Reuters request
for comment
    ** Stock fell 47.01% in 2023

 (Reporting by Annett Mary Manoj in Bengaluru)
 ((AnnettMary.Manoj@thomsonreuters.com))