Big Lots Files For Chapter 11

(Associated Press) – Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection as it contends with a pullback in consumer spending and soft sales.

The company plans to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.

Big Lots, which sells furniture, home decor and other items, said Monday that high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue.