Part 3/6:
Steve Berman, a seasoned bankruptcy lawyer, provided critical insights regarding the ongoing situation. He explained that the chain's plan to sell to private equity firm Nexus Capital Management fell through, compelling Big Lots to discount its assets through going-out-of-business sales. Berman noted that while this strategy could aid in finding another buyer, the objective appears more geared towards liquidating inventory rather than maintaining any inherent business value Big Lots may have once had.