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.

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”.

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.

Big Lots, Inc. (NYSE: BIG) (the "Company") today announced that it has entered into an agreement (the "Sale Agreement") with an affiliate of Nexus Capital Management LP ("Nexus"), pursuant to which Nexus has agreed to acquire substantially all of the Company's assets and ongoing business operations.

Discount home goods retailer Big Lots Inc. is preparing to file for bankruptcy as soon as Sunday, and plans to sell its chain of stores via a court-supervised process, according to people familiar with the plans.

Discount home goods retailer Big Lots is preparing to file for bankruptcy as early as this Sunday and plans to sell its chain of stores through a court-supervised process, Bloomberg News reported on Friday,

Discount retailer Big Lots Inc. has filed for bankruptcy protection and plans to sell the firm’s assets and ongoing business in a court-supervised process.Most Read from BloombergHow Americans Voted Their Way Into a Housing CrisisWorld's Second Tallest Tower Spurs Debate About Who Needs ItThe Plan for the World’s Most Ambitious Skyscraper RenovationUC Berkeley Gives Transfer Students a Purpose-Built Home on CampusRome May Start Charging Entry to the Trevi FountainThe Columbus,

A stalking horse bid is used as a starting or minimally accepted offer that other interested bidders must surpass if they want to buy the asset or the company

Amid sharply declining sales, the discount chain Big Lots files for bankruptcy and announces a sale of the business.