By Leada Gore
Discount retailer Big Lots has filed for bankruptcy, just weeks after announcing a series of store closures.
Migrant shelters in Chicago shutting down after expected influx fails to materializeMigrant shelters in Chicago shutting down after expected influx fails to materialize
The company announced in August it was shutting down 300 of its 1,400 stores, including Alabama stores in Bessemer, Huntsville, Prattville, Sylacauga and Troy. No additional closures were announced Monday but, in its press release, the chain said it may need “to close certain locations to ensure that our business operates efficiently and we can continue serving our customers.”
As part of its restructuring, Big Lots has secured $707.5 million in fresh financing to keep operating and expects to pay all employees and vendors, CNN reported. Nexus’ acquisition is expected to close late this year.
