Big Lots closes stores and files for bankruptcy: NPR

A shopper leaves the Big Lots store in Berlin, Vermont on December 4, 2012.

Toby Talbot/AP

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Toby Talbot/AP

The discounter Big Lots is filing for bankruptcy in the wake of a possible takeover, the company announced on Monday.

The Ohio-based company is being acquired by Nexus Capital Management, “which believes in our business and provides greater financial stability,” Big Lots said, and invests in companies such as Dollar Shave Club and Toms.

Big Lots said it will have to close some locations to effectively continue operations and that after bankruptcy, the company will pay its suppliers in full.

Customers can continue to collect and redeem rewards and use gift cards and store credit cards.

“Taken together, these actions are intended to accelerate our efforts to improve our performance and strengthen our business for the future,” the company said.

The company operates nearly 1,400 stores in 48 states.