Big Lots files for bankruptcy, will sell assets to buyout firm as it blames high inflation

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, t ...