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.

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.

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.

Some locations have banners on their web pages showing closing sales are “going on now,” advising customers they can “save up to 20% off.”