Discount retail chain Big Lots has filed for bankruptcy as its list of planned store closures expands. It currently has around 1,425 stores nationwide. The company announced on Monday, Sept. 9 that it will sell its assets to an affiliate of private equity firm Nexus Capital Management.

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

Why Big Lots is closing shop. The post What Happened to Big Lots? Bankruptcy, Store Closures Explained appeared first on Mandatory.