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After weeks of speculation about company finances, Big Lots announced that it filed for Chapter 11 bankruptcy protection after entering into an agreement with an affiliate of Nexus Capital Management under which the financial firm would acquire substantially all of the retailer’s assets and ongoing business operations.

The economy is slowing but growing, inflation has moderated and the Federal Reserve has suggested it’s about to lower interest rates, which suggests that the United States has dodged a recession, according to National Retail Federation chief economist Jack Kleinhenz in NRF’s Monthly Economic Review.

The upcoming holiday presents challenges for retailers fighting it out through a shopping period with the fewest number of days between Thanksgiving and Christmas since 2019 and with 43% of consumers carrying more debt than they held in 2023.