(Bloomberg) -- Off-price home goods retailer Big Lots Inc. has been seeking new financing as it grapples with years of losses and dwindling liquidity, according to people with knowledge of the company’s efforts. 

The Columbus, Ohio-based chain has been reaching out to bankers and investors to assess market willingness to provide a new loan, said the people, who asked not to be named discussing private talks. 

A representative for Big Lots declined to comment on the financing effort, but said the company has taken “significant actions to enhance our liquidity,” and “will continue to evaluate potential liquidity options.”

The company’s shares fell as much as 5.9% to $5.24 after Bloomberg reported the financing effort. 

Big Lots runs about 1,400 stores but has been monetizing them in recent years to safeguard its cash pile. That leaves it with relatively few remaining assets to offer up as backing for potential new debt, according to its corporate filings. 

The discount retailer inked a sale and leaseback deal for a distribution center and 26 owned stores with affiliates of Blue Owl Capital in July for gross proceeds of $318 million, according to a prior statement. 

“The company has to do something fast to avoid running out of cash,” said Scott Friedman, a credit analyst at Pulse Ratings, where he covers Big Lots and other retailers. Friedman added that while Big Lots traditionally focused on closeout and discount items, it recently shifted its emphasis toward furniture at what proved to be a bad time. 

Furniture sales weakened amid slower home sales, and Big Lots’ top supplier United Furniture Industries Inc. in November abruptly shut down. 

Big Lots has been working with consultants AlixPartners LLP for operational help as it looks to tackle costs amid shrinking revenue, Bloomberg previously reported. 

The company posted its 10th straight quarter of declines in same-store sales in December, according to the company’s website. 

(Adds share move in paragraph four.)

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