big lots

The nationwide home goods retailer reported inflation has hit hard, resulting in yearly losses and a reliance on dwindling cash.

Big Lots informed the SEC that the amended terms of a loan agreement include a reduced credit limit and higher interest rates on its credit line.

Big Lots, a retailer operating around 1,400 stores and employing over 30,000 workers, has been grappling with declining sales over the past few quarters, putting pressure on its balance sheet.

Big Lots, which sells furniture, home decor and other items, said in a statement that high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases