Big Lots recently announced today it will begin filing for Chapter 11 Bankruptcy and is now going through a court-supervised sale process. The retailer also said that after gaining $705 million to finance, it will sell its assets to Nexus Capital Management.

Big Lots joins the uncountable number of businesses that have struggled since the Covid-19 pandemic and claims inflation and increased interest rates have caused customers to cut back on spending on home and seasonal products.

More locations are expected to close but will continue serving customers in its remaining stores and website as the bankruptcy process goes through.

Big Lots CEO Bruce Thorn says the majority of Big Lots’s store locations are profitable and intends to move forward with a more focused footprint.