Big Lots has filed for Chapter 11 bankruptcy, citing high inflation and interest rates as key factors hurting its business and leading to a decline in consumer spending. The Ohio-based discount retailer plans to sell its assets to private equity firm Nexus Capital Management while closing approximately 315 stores nationwide, including its last location in Stockton, California. With 16 consecutive quarters of sales declines, Big Lots has struggled to attract customers, particularly for home and seasonal products, which are critical to its revenue. The company has secured over $700 million in financing to support operations during the bankruptcy process. Despite the challenges, CEO Bruce Thorn expressed optimism that the restructuring will help the company emerge stronger under new ownership. Analysts note that while economic conditions have impacted the retailer, issues such as pricing and product mix have also contributed to its struggles.