(CNN) – Financial woes for another big discount retailer.
Big Lots announced that it is filing for Chapter 11 bankruptcy on Monday.
The retailer blamed several economic factors for the move, including high inflation and interest rates.
As part of the fling, private equity firm, Nexus Capital Management, will take over nearly all of Big Lots’ stores and business operations.
The 57-year-old company has secured over $700 million in fresh financing to keep operating and to pay employees and vendors.
Big Lots is in the process of closing roughly 300 of its 1,400 stores across the United States.
The company also says more store closures could be coming.
Big Lots joins a growing list of well-known retailers hitting financial turbulence as customers cut back spending on non-essential items.
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