IE Business Daily Business news for the Inland Empire.
Big Lots, the discount retail chain, has filed for Chapter 11 bankruptcy protection.
The Columbus, Ohio-based company plans to sell its assets and ongoing business operations to Nexus Capital Management, a private equity firm based in Santa Monica, according to multiple reports.
High inflation and interest rates have hurt the company, which has secured $707.5 million in financing.
“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 Bruce Thom, president and chief executive officer of Big Lots, in a statement.
