As the inflation of the Biden-Harris era persists in depressing consumer spending and driving retailers out of business, Big Lots, a discount retail chain in the United States, reportedly filed for bankruptcy on Monday.
The company filed for Chapter 11 protection after experiencing consecutive quarterly losses since 2022 and being compelled to close a significant number of stores.
As of May, the company operated approximately 1,300 stores in the United States, a decrease from 1,425 in early 2023.
Big Lots also disclosed that it had secured more than $700 million in financing to assist the company in navigating the bankruptcy process and subsequent sales process.
It is anticipated that an affiliate of private equity firm Nexus Capital Management will acquire the company.
The Chapter 11 filing is the result of a spate of bankruptcies in the retail sector, which has seen 21 retailers file for bankruptcy as of July 16. This is the most for the same period in any year since the pandemic commenced in 2020.
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