Big Lots has filed for bankruptcy [Video]

The bankruptcy filing comes days after Big Lots said it was closing its distribution center in west Columbus, leaving nearly 400 people without jobs.

COLUMBUS, Ohio — Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection, as it contends with a pullback in consumer spending and soft sales.

The Columbus, Ohio-based 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 in a statement on 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.

Sales at stores open at least a year, a key gauge of a retailer’s health, have declined for nine straight quarters, according to FactSet.

Big Lots said that its performance has been improving, …