The news: Discount retailer Big Lots filed for bankruptcy protection on Monday.

• Big Lots has more than 1,300 stores across 48 states, making it one of the largest discount retailers in the US.
• However, it suffered 16 straight quarters of comparable sales declines and is in the process of closing hundreds of stores.

The retailer agreed to sell its business to private equity firm Nexus Capital Management. As a “stalking horse bidder,” Nexus will buy the business if no other parties submit a better offer. During the process, Big Lots’ locations and website will remain open for shopping.