Big Lots Files for Bankruptcy Ahead of Tri-State Store Closures

Big Lots, the discount retailer, has filed for bankruptcy just over a month after announcing plans to close hundreds of stores across the country, including several in the tri-state area. The Ohio-based company cites high inflation and rising interest rates as key factors that have significantly reduced customer spending, pushing the retailer into financial distress. As part of its restructuring plan, Big Lots is set to be sold to Nexus Capital Management, a private equity firm.

The bankruptcy filing follows the company’s earlier announcement that it would. . .