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COLUMBUS, Ohio - Big Lots (NYSE:BIG) Inc. (OTC:BIGG) announced significant changes to its board of directors, with the appointment of a new member and the resignation of several others, according to a recent 8-K filing with the Securities and Exchange Commission.
On Monday, the company’s board appointed Elizabeth A. LaPuma as a director, filling a vacancy. This move comes after all other board members, except for Ms. LaPuma, resigned effective January 31, 2025. There were no disclosed arrangements or understandings behind Ms. LaPuma’s selection.
The retail variety store chain, which operates under the SIC code 5331, had previously filed for chapter 11 bankruptcy on September 9, 2024. The bankruptcy proceedings are being administered by the United States Bankruptcy Court for the District of Delaware.
In addition to the board restructuring, Big Lots filed its monthly operating report for December 2024 with the Bankruptcy Court on February 3, 2025. The report, which is not audited or reviewed by independent accountants and not prepared according to generally accepted accounting principles, is available through the company’s claims agent, Kroll Restructuring Administration LLC.
The company cautions investors not to place undue reliance on the information contained in the monthly operating report, which is not intended to provide a basis for an investment decision. Big Lots has also indicated that it will not be filing quarterly or annual reports for the time being but will instead submit current reports on Form 8-K with the SEC to disclose material events and monthly operating reports filed with the Bankruptcy Court.
Investors are warned that trading in Big Lots’ securities during the Chapter 11 cases is highly speculative and poses substantial risks. The company expects that holders of its common shares will experience a complete loss on their investment.
This news comes as the latest update in Big Lots’ ongoing financial restructuring efforts, as the company navigates through bankruptcy proceedings. The information is based on a press release statement.
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