Big Lots Is a Target of the Same Firms That Upended Bed Bath & Beyond
Two of the three private equity firms that caused sweeping changes at Bed Bath & Beyond (NASDAQ: BBBY) have firmly fixed their gaze on struggling deep-discount chain Big Lots (NYSE: BIG).
Macellum Advisors and Ancora Advisors, which together own 11% of Big Lots stock, announced they have nominated a slate of nine candidates to replace the current board of directors, which they say "lacks relevant skill sets, has pursued a poor capital allocation strategy, and rejected credible offers to monetize Big Lots' real estate assets."
Image source: Big Lots.
Source Fool.com
