Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection and 10 Bay Area stores are set to close soon. Big Lots is known for selling furniture, household essentials and home decor.

For bargain hunters, Big Lots has long been a haven for furniture, home goods, and seasonal finds at rock-bottom prices. But in a cruel twist of fate, the discount retailer itself couldn’t withstand the rising tide of inflation.

Retailer Big Lots has filed for bankruptcy protection, with private equity company Nexus Capital Management set to buy the company for $760 million.

Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection, weeks after the discount furniture store said it planned to close hundreds of stores.

Big Lots goes into bankruptcy, Cap Region stores remain open for now. Local stores are in Clifton Park, Troy, Queensbury and Amsterdam.

Struggling Big Lots will be acquired in a multimillion-dollar deal after the company filed for bankruptcy with up to $10 billion in debt.

Big Lots, the discount retail chain known for its budget-friendly home goods and furniture, has announced that it is filing for Chapter 11 bankruptcy as it prepares to be acquired by Nexus Capital Management.

Nearly 50 additional Big Lots stores are set to close as the company navigates through its Chapter 11 bankruptcy protection filings. The Ohio-based company announced earlier this month that it planned to sell assets and business operations to a private equity firm amid the bankruptcy filing.