Struggling closeout retailer Big Lots filed for bankruptcy protection Monday, saying it's been hurt by inflation and high interest rates.

Big Lots was already holding clearance sales at nine Connecticut stores slated for closure that are now offering discounts of 40 percent off. Left off the closure list are stores in Bristol, Derby, East Haven, East Hartford, Middletown, North Haven and Wallingford.

Furniture and home goods seller Big Lots has filed for bankruptcy and announced plans to sell its business to a private equity firm.

U.S. discount retail chain Big Lots filed for bankruptcy, becoming the latest retail casualty as consumers reined in spending after a postpandemic surge.

Sales through the first half of the year are down 9.1%. Big Lots reported a loss in the quarter of $238 million, or $8.04 a share, compared with a loss of $249 million, or $8.56 a

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.