Big Lots filed for bankruptcy protection Monday after the retailer's strategy of offering "extreme" discounts failed to deliver a turnaround.

Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy.

Big Lots joins a growing list of well-known retailers hitting financial turbulence as customers cut back spending on non-essential items. The retailer said that during and after the bankruptcy and sale process, they will continue to serve customers at their nearest store location or online at biglots.com.

Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection as it contends with a pullback in consumer spending and soft sales.

Big Lots filed for Chapter 11 bankruptcy protections and agreed to sell itself to an affiliate of private-equity firm Nexus Capital Management, following extended sales declines and several quarters of losses at the discount retailer.

Popular discount retailer Big Lots has officially filed for Chapter 11 Bankruptcy Protection. As part of the bankruptcy and restructuring of the company, several stores will close their doors in what Big Lots says is “optimizing our store footprint”.