Big Lots filed Chapter 11 bankruptcy

Big Lots shopping carts outside a store in Los Angeles on Saturday. Photo: Eric Thayer/Bloomberg via Getty Images Big Lots filed for bankruptcy protection Monday after the retailer's strategy of "extreme" discounts failed to deliver a turnaround. Why it matters: With more than 1,300 stores in 48 states, the Columbus, Ohio-based company has about 27,700 employees and is hoping to stay in business, according to a court filing. Driving the news: Big Lots filed for Chapter 11 bankruptcy and agreed to sell itself to an affiliate of private equity firm...