Big Lots is preparing to start going-out-of-business sales in the coming days. Best known for its closeout deals, the bankrupt retailer said Thursday that a deal to sell its assets to the investment firm Nexus Capital Management fell through.

What You Need To Know

  • Big Lots said Thursday it is going to start holding going-out-of-business sales

  • The bankrupt retailer plans to close more than 900 locations

  • The compay said it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management

  • Big Lots continues to serve customers in-store and online

“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots President and CEO Bruce Thorn said in a statement. “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 going-out-of-business process.”

The 57-year-old retailer has struggled with high inflation and changing consumer behavior in recent years. Big Lots used to operate about 1,400 locations but is down to about 960. The Columbus, Ohio-based company filed for Chapter 11 bankruptcy protection in September.

The company said it is continuing to serve customers both in store and online while it pursues a sale to Nexus or another party, which it hopes to complete in early January.