Discount retailer Big Lots has filed for Chapter 11 bankruptcy and will sell its assets to Nexus Capital Management. The company cited challenging economic conditions and a decline in discretionary spending as contributing factors. While the transaction is expected to close in the fourth quarter of 2024, Big Lots will continue to operate its stores and online platform during this period.
Big Lots Inc. (BIG) shares jumped 9.77% on Friday after the company announced it would delay its second-quarter earnings report. This comes amidst reports that the discount retailer is considering bankruptcy due to declining sales. While Big Lots is seeking investors to avoid filing for Chapter 11, the company ended the first quarter with $289 million in liquidity.
This article highlights key stocks that may capture investor attention on Friday, including ABM Industries, Broadcom, Big Lots, Smith & Wesson Brands, and Brady Corporation. The article provides details about their expected earnings reports and recent performance in after-hours trading.
Big Lots, Inc. (BIG) is set to release its second-quarter earnings on Friday, September 6th, with analysts expecting a loss. The retailer has faced declining sales and is reportedly considering bankruptcy. While some analysts maintain a cautiously optimistic outlook, others remain bearish, highlighting the uncertainty surrounding the company’s future.
