U.S. discount retail chain Big Lots filed for bankruptcy and agreed to sell itself to an affiliate of private-equity firm Nexus Capital Management.The Columbus, Ohio-based company named Nexus as its proposed stalking horse bidder after filing for chapter 11 protection Monday in the U.

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

Popular discount retailer Big Lots has officially filed for Chapter 11 Bankruptcy Protection. As part of the bankruptcy and restructuring of the company, several stores will close their doors in what Big Lots says is “optimizing our store footprint”.

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A combination of high interest rates and inflation has not proved healthy for retailers, resulting in store closures and bankruptcy filings.

U.S. discount home goods retailer Big Lots said on Monday it has secured $707.5 million to support its operations and sell its business to private equity firm Nexus Capital, as it has initiated bankruptcy proceedings under Chapter 11.

The discount retailer has secured commitments for $707.5 million of financing as it works through a court-supervised auction process.

Big Lots Inc. filed for bankruptcy protection, capping a multi-year decline for the discount retailer. The Columbus, Ohio-based company says it filed for Chapter 11 bankruptcy in Delaware, according to a company statement .