this post was submitted on 09 Sep 2024
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Economics

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Big Lots files for bankruptcy protection, sells to private equity firm as it promises to keep offering 'extreme bargains' (www.cnbc.com)
submitted 3 months ago by MicroWave to c/economics
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  • Big Lots filed for bankruptcy protection, citing stubborn inflation, high interest rates and a slowdown in consumer spending on home goods such as furniture and decor.
  • Private equity firm Nexus Capital Management has agreed to buy Big Lots for $760 million, consisting of $2.5 million in cash plus its remaining debt.
  • The home goods sector has been under pressure over the last two years after demand surged during the Covid-19 pandemic.
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[–] RangerJosie 8 points 3 months ago

Perfect analogy.

They're leeches.

Company gets in trouble. They buy it for cheap. Suck it dry. Discard the corpse.