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.
A general view of the exterior of the North Bergen Big Lots store during the Big Lots Store Opening on Friday, Oct. 17, 2014 in North Bergen, N.J.
Bennett Raglin/AP Images for Big Lots
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 …