New York CNN —Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy. As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations. Big Lots blamed several economic factors for its bankruptcy, including high inflation and interest rates. Big Lots is in the process of closing roughly 300 of its 1,400 store across the United States. 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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Persons: ”, Bruce Thorn, McDonald’s, it’s, Sarah Foss, ” Foss Organizations: New, New York CNN, Nexus Capital Management, Lots, Walmart, Debtwire, CNN Locations: New York, United States