Discount retailer Big Lots files for bankruptcy

Big Lots said Monday the retail discount chain is filing for bankruptcy, citing such factors as high inflation and interest rates.

The company is filing for chapter 11 bankruptcy in which Nexus Capital Management, a private equity firm, will acquire most of Big Lots' locations and oversee its operations when the process is complete, according to the bankruptcy filing. 

The company's retail locations and its online store will stay open during the process.

“The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,” said Big Lots CEO Bruce Thorn in a statement.