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Big Lots has filed for Chapter 11 bankruptcy and plans to sell its operations to Nexus Capital Management for $620 million. The retailer has struggled with declining sales for 16 consecutive quarters, prompting the need for financial restructuring. The company will continue operations during the sale process while closing underperforming stores.
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On September 19, 2024, global markets surged following the Federal Reserve's unexpected 0.5 percentage point interest rate cut. The FTSE 100 rose 0.91%, buoyed by mining stocks, while the S&P 500 also climbed, reflecting investor optimism about economic recovery. The Bank of England maintained its rates at 5%, contributing to a stronger pound.
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Visa is expected to announce its acquisition of UK-based fraud detection firm Featurespace for approximately £730 million next week. The deal follows ongoing discussions since August and comes amid a backdrop of significant private equity activity in the UK tech sector.
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TGI Fridays' UK operations are in jeopardy as Hostmore appoints administrators amid heavy losses and debts. The company aims to sell 87 restaurants by the end of September, but expects to recover less than its debts from the sale, putting thousands of jobs at risk.