COLUMBUS, Ohio - Big Lots Inc (NYSE:BIG). (OTC:BIGG), a leading retail company, disclosed its monthly operating reports as part of its ongoing bankruptcy proceedings, according to a recent 8-K filing with the U.S. Securities and Exchange Commission. The documents, submitted today, provide an update on the company's financial status following its voluntary Chapter 11 bankruptcy filing on September 9, 2024.
The retailer, known for its variety stores, has been under the supervision of the United States Bankruptcy Court for the District of Delaware. The court-approved joint administration of Big Lots' cases has led to the release of operating reports for September and October 2024. These reports, meant to comply with the bankruptcy court's monthly reporting requirements, have not been audited or reviewed by independent accountants and are not prepared in accordance with U.S. generally accepted accounting principles.
Big Lots cautions investors against placing undue reliance on the Monthly Operating Reports, emphasizing that they were not designed to inform investment decisions. The reports cover limited periods and are subject to future adjustment and reconciliation. The company also notes that the operating results detailed in these reports may not be indicative of future outcomes.
Furthermore, Big Lots has stated that it will not be filing a Quarterly Report on Form 10-Q for the period ended November 2, 2024, or for subsequent periods. Instead, the company will file Current Reports on Form 8-K to disclose material events related to the bankruptcy and to provide monthly operating reports.
The company has warned that trading in its securities is highly speculative and poses substantial risks. It anticipates that holders of its common shares will experience a complete loss on their investment as a result of the bankruptcy process.
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