Big Lots, Inc. (NYSE:BIG) confirmed early Monday that it, along with its subsidiaries, has initiated voluntary Chapter 11 bankruptcy filing and has also agreed to sell all of its assets and ongoing business operations to an affiliate of investment firm Nexus Capital Management. The move has sent shockwaves in the retail industry and left many investors and customers wondering about the future of the iconic discount retailer.

The confirmation from the Columbus, Ohio-based discount retailer comes close on the heels of a Bloomberg report that said on Saturday that the company is prepping to file for Chapter 11 and sell its assets through a court-supervised process. This news has left many questioning the financial stability of the company and the impact it will have on its employees and customers.

Last week, the company announced that it was delaying the release of its second-quarter results until September 12, which raised concerns among investors and analysts. However, the company has maintained that it will continue to serve customers at their nearest store location or online during and after the bankruptcy process.

The move to file for Chapter 11 bankruptcy is seen as a strategic decision by the company to restructure its operations and strengthen its financial position. In a statement, Bruce Thorn, President and Chief Executive Officer of Big Lots, said, “The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value.”

Evan Glucoft, Managing Director of Nexus, also expressed his enthusiasm for the acquisition, stating, “We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America’s leading extreme value retailer. The Big Lots brand has a rich history and loyal customer base, and we look forward to working with the team to drive growth and success.”

Despite the bankruptcy filing, the company remains committed to its customers and employees. Big Lots has assured that it will continue to operate its stores and online platform as usual, providing customers with the same products and services they have come to expect from the retailer.

As the retail industry continues to evolve and face economic pressures, Big Lots’ bankruptcy filing serves as a reminder of the challenges that many retailers are facing. The sale of its assets to Nexus Capital Management is seen as a positive move, providing the company with the necessary financial stability to restructure its operations and emerge from bankruptcy as a stronger and more competitive retailer.

Only time will tell what the future holds for Big Lots, but one thing is certain - the company is committed to its customers and employees, and is taking the necessary steps to ensure its continued success in the competitive retail industry.

Stay tuned for further updates on this developing story.