Big Lots declares bankruptcy and agrees to be bought by private equity firm
CBSN
Big Lots said Monday that it has filed for Chapter 11 bankruptcy protection from its debts, with the discount retailer citing inflation and high interest rates for hurting its business.
The Columbus, Ohio-based company said it intends to sell its assets and what remains of its business to private equity firm Nexus Capital Management. The bankruptcy filing comes a month after Big Lots said it would close as many as 315 stores nationwide, with additional closures coming.
"Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint," Bruce Thorn, the retailer's president and CEO, said in a statement.
Three Boar's Head deli meat plants were cited for unsanitary conditions, including insects, mold, and "unidentified slime," according to newly released federal records. The new findings suggest that sanitation problems were not limited to the company's factory that was shut down last year following a deadly listeria outbreak.
Consuming more than one drink a day results in a steep increase of the risk of premature death, a new federal review has concluded. The draft report was published Tuesday ahead of a major update to influential federal guidelines on how much alcohol Americans should drink.
Washington — The House on Tuesday passed a Republican measure banning transgender girls and women from competing on school sports teams that match their gender identity after the party leaned into the issue during the 2024 campaign.
Meta plans to cut 5% of its workforce, or about 3,600 workers, with the social media giant focusing on eliminating low-performing employees.
Washington — The Supreme Court is set to weigh Wednesday states' efforts to require pornography websites to verify their visitors' ages amid a surge of laws that proponents say are aimed at protecting children from accessing sexual content on the internet.
President-elect Donald Trump says he'll establish a new federal agency to collect tariffs, duties and all other foreign revenue, seemingly carving out responsibilities that are currently handled by the Commerce Department, the U.S. Trade Representative and U.S. Customs and Border Protection.
Ayesha Curry, known for her work as a chef, entrepreneur, bestselling author and mother, is expanding her empire into the world of publishing. Curry has launched "Sweet July Books," an imprint dedicated to uplifting diverse voices. The first novel under the imprint, "Honeysuckle and Bone" by Trisha Tobias, tells the story of Carina, an 18-year-old who travels to Jamaica to nanny for a wealthy family, only to uncover dark secrets and supernatural elements within their estate.
Washington — House Speaker Mike Johnson said Tuesday that flags at the U.S. Capitol will fly at full-staff during President-elect Donald Trump's inauguration next week.
The Food and Drug Administration released on Tuesday its long-awaited proposal to require food manufacturers to put some nutrition facts on the front of packages, in a bid to nudge Americans and food companies towards healthier diets in line with similar pushes in other countries.
Former first lady Michelle Obama will not attend Donald Trump's inauguration on Jan. 20, her office confirmed Tuesday.
This winter's wave of norovirus infections has reached levels that are now more than double last season's peak, in figures published Monday by the Centers for Disease Control and Prevention tracking the notorious stomach bug.
President Joe Biden announced Monday that two of the Navy's future aircraft carriers will be named for former commanders-in-chief Bill Clinton and George W. Bush.
TikTok faces a possible ban in the U.S. later this month if a law that could require the social media app's Chinese owner, ByteDance, to part ways with the platform takes effect as scheduled on Jan. 19.
Attorney General Merrick Garland has submitted to Congress a portion of former special counsel Jack Smith's final report on his investigations into President-elect Donald Trump after a court order blocking its release expired at midnight Tuesday, according to a source familiar with the matter.
Harris declines to invite Vance for courtesy visit to vice president's residence before inauguration
When JD Vance, his wife Usha and their three young children move into the Naval Observatory residence on Jan. 20, it will be their first time inside the white Queen Anne-style mansion that has been home to vice presidents since the 1970s.
The Santa Ynez Reservoir, a 117-gallon water resource near the Pacific Palisades, was under renovation and empty when fires tore through the Los Angeles neighborhood last week and firefighters quickly depleted available water resources, city officials said.
Aircraft battling fires raging through the Los Angeles area are dousing the area with more than water: Hundreds of thousands of gallons of hot-pink fire suppressant have been dropped ahead of the flames in a desperate effort to stop them before they destroy more neighborhoods.