Big Lots files for bankruptcy, announces sale to investment firm

Big Lots, the discount retailer that previously expressed "substantial doubt" about its ability to continue operating, has filed for bankruptcy. The retailer said on Monday that it has initiated bankruptcy proceedings under Chapter 11, and that private equity firm Nexus Capital will "acquire substantially all of the Company’s assets and ongoing business operations.

" As a result, Big Lots says consumers are spending less on home and seasonal products, which is a "significant portion of the Company's revenue.

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Big Lots is closing hundreds of stores after warning it could go out of businessBig Lots is closing more than 300 locations across the United States, or roughly 4% of its stores, following an earlier warning that its future was in 'substantial doubt' amid ongoing financial troubles.
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