LOUISVILLE, Ky. (WDRB) -- A popular discount retail chain announced Monday that it's filing for bankruptcy.
Big Lots said several economic factors, including high inflation and interest rates, caused the move.
A private equity firm is expected to take over nearly all the Big Lots' stores and business operations.
The company was already set to close about 300 of its stores, including the store on Poplar Level Road near Interstate 264 in Louisville.
The 57-year-old company has secured more than $700 million to keep operating, and to pay workers and vendors.
Employees said the closing date is Oct. 13.
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