Discount home goods retailer Big Lots is reportedly on the brink of bankruptcy after years of falling sales.
The beleaguered chain may seek Chapter 11 protection within weeks, according to Bloomberg, if it is not able to find investors.
The Ohio-based company runs around 1,400 stores across the US, after closing hundreds of locations earlier this year.
Big Lots stock plummeted as much as 50 percent Thursday morning, falling to $0.56 a share at time of publication.
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CEO Bruce Thorn warned during the company’s last earnings call that Americans were cutting back spending on big ticket items, especially for furniture, which was hurting sales.
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