Closing more locations will allow the company to have a “more focused footprint” and conduct business efficiently, said President and CEO Bruce Thorn.

Retailer Big Lots has filed for bankruptcy protection, with private equity company Nexus Capital Management set to buy the company for $760 million.

Discount retailer Big Lots has filed for bankruptcy, just weeks after announcing a series of store closures. Private equity firm Nexus Capital Management will acquire “substantially all” of Big Lots stores and business operations, CNN reported. Stores and websites will remain open during the transition.