Big Lots is bankrupt and selling itself to private equity

Once a trash palace packed with random "Not for retail sale" goodies, Big Lots transformed slowly into a place to buy... inexpensive furniture?

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Last month, Big Lots announced it was closing 300 stores in hopes of staying in business. Alas, bankruptcy is now upon it, confirming earlier doubts over its ability to survive. CNN reports that Nexus Capital Management is acquiring "substantially all" of Big Lots stores and business operations as part of the filing.

"The…