Discount retailer Big Lots, which said in July that it had “substantial doubt” about its survival, filed for bankruptcy Monday.

And while the company is in the midst of closing 300 of its 1,400 stores across the country, the Statesboro Big Lots will remain open. Big Lots has been open in the Statesboro Square Shopping Center off Northside Drive, and next to Ocean Galley restaurant, for more than two decades.

The company is closing eight stores in Georgia, including locations in Decatur, Fayetteville, Roswell, Savannah, Stockbridge, Stone Mountain, Thomson and Waynesboro. Big Lots in Vidalia and Hinesville also will remain open.

As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management will acquire Big Lots stores and business operations.

“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,” Big Lots CEO Bruce Thorn said in a press release.

The 57-year-old company blamed several economic factors for its bankruptcy, including high inflation and interest rates.

“The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company’s revenue,” the release stated.

More store closures could be coming and Big Lots said in the release it will “need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers.”