Struggling discount retailer Big Lots has filed for bankruptcy, the company announced on Monday.

The company's locations as well as its official website will stay open during the chapter 11 bankruptcy process.

According to the filing, Nexus Capital Management, a private equity firm, will acquire most of Big Lots' locations and oversee the company's operations going forward when the chapter 11 process is complete.

The company said factors such as high inflation and interest rates led to its decline.

“The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,” said Big Lots CEO Bruce Thorn in a news release.