Big Lots announces ‘going out of business’ sale at all stores as plan to sell company fails

National retailer Big Lots is set to offer “going out of business” sales at all remaining locations after a plan to sell the company fell through. In a statement released Thursday, company executives announced that the previously announced asset purchase agreement with Nexus Capital Management is no longer happening and in turn Big Lots is closing all remaining locations.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ President and Chief Executive Officer. “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”

The sales are expected to begin “in the coming days” according to Big Lots. As of now, the company says it will continue to serve customers both in-store and online, and will provide updates as they become available. More than 900 Big Lots stores are operating in the U.S.

The going out of business sale at the remaining locations comes months after Big Lots announced plans to close some 300 stores in the U.S. as it worked to overcome financial struggles. As part of those announced closures, 11 locations in Michigan were shuttered.

In September, Big Lots filed for Chapter 11 bankruptcy protection and announced the planned sale to Nexus Capital. At the time, the company said it had secured over $700 million in financing to keep the company going while the sale went through.