I shopped at Big Lots. It felt like traveling back in time.

Big Lots filed for Chapter 11 bankruptcy this week and plans to close hundreds of stores.
Private equity firm Nexus Capital Management plans to take over the retailer.
I visited a Big Lots store in Maryland to see what it's like to shop there.

Big Lots is facing big problems.

The discount retail chain filed for Chapter 11 bankruptcy on Monday after postponing its earnings report. According to a filing with the Delaware bankruptcy court, it also plans to close 295 of its approximately 1,400 stores.

Private equity firm Nexus Capital Management plans to acquire Big Lots after it emerges from bankruptcy for an undisclosed amount, the retailer said Monday. Nexus already owns several consumer brands, including Dollar Shave Club and the Toms shoe brand.

Big Lots, in a statement accompanying its Chapter 11 bankruptcy filing, cited high interest rates and inflation as factors holding back its sales. Many of its customers have cut back on spending on home decor and other non-essential purchases, which make up the bulk of Big Lots' inventory, the company added.

Many shoppers are cutting their budgets, especially on purchases they can live without, such as eating out or upgrading their home appliances.

But Big Lots has long promoted itself as a site with great deals. The company has said it buys products cheaply from suppliers and other retailers, which allows it to keep prices low. That seems like a model that should work in times like these. Big Lots did not respond to a request for comment from Business Insider.

To see what shopping at the chain is like these days, I went to a Big Lots store in the Washington, DC area And this is what I found: