Discount retailer Big Lots falls on report co is considering bankruptcy filing

Former BL Stores

28/08/2024 23:05

** Shares of off-price home goods retailer Big Lots  BIG.N 
drop nearly 27% at $0.68 after the bell
    ** The company is contemplating a potential bankruptcy
filing after years of sales declines, Bloomberg reports, citing
people with knowledge of the plans 
    ** The retailer may seek court protection within weeks,
according to the report
    ** BIG is also seeking investors in a bid to avoid Chapter
11, the report added
    ** The plans aren't final, and Big Lots' path may change -
BBG
    ** In June, BIG reported wider-than-expected Q1 loss owing
to slumping demand
    ** Stock is down nearly 88% this year
    

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))