For bargain hunters, Big Lots has long been a haven for furniture, home goods, and seasonal finds at rock-bottom prices. But in a cruel twist of fate, the discount retailer itself couldn’t withstand the rising tide of inflation.

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.

Struggling Big Lots will be acquired in a multimillion-dollar deal after the company filed for bankruptcy with up to $10 billion in debt.

Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy.

Two Big Lots locations in northern Nevada are shuttered as the discounter retail closes more than 300 stores nationwide.The locations in Lemmon Valley and on S