05:40 AM EDT, 08/29/2024 (MT Newswires) -- (Updates to add the latest stock movement in the headline and the last paragraph.)

Big Lots ( BIG ) is looking at a potential bankruptcy filing and also seeking investors to avoid Chapter 11, Bloomberg reported Wednesday, citing people with knowledge of the plans.

Following years of declining sales, the discount chain may seek court protection within weeks, according to the report.

The plans aren't final and may still change, the report said.

Representatives for Big Lots ( BIG ) didn't respond to Bloomberg's requests for comment. A spokesperson for Alixpartners, which has been advising the company in its recent turnaround attempts, declined to comment, the report added.

Big Lots ( BIG ) and Alixpartners did not immediately reply to requests for comment from MT Newswires.

Shares of Big Lots ( BIG ) fell more than 32% in recent premarket activity Thursday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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