Big Lots files for bankruptcy

(CNN)– Financial woes for another big discount retailer.

On Monday, Sept. 9, Big Lots announced that it is filing for Chapter 11 Bankruptcy.

The retailer blamed several economic factors for the move, including high inflation and interest rates.

As part of the filing, private equity firm, Nexus Capital Management, will take over nearly all of Big Lots’ stores and business operations.

The 57-year-old company has secured over 700 million dollars in fresh financing to keep operating and to pay employees and vendors.