Discount retailer Big Lots has begun “going out of business” sales at all remaining locations after a deal to save the company from bankruptcy fell through.

Big Lots announced the decision Thursday, three months after filing for Chapter 11 bankruptcy. The company has already closed more than 400 stores in 2024.

“We have all worked extremely hard and taken every step to complete a going concern sale,” CEO Bruce Thorn said in a press release. “While we remain hopeful that we can complete an alternative going concern transaction, in order to protect the value of the Big Lots property, we have made the difficult decision to begin the (business dissolution) process.”

In its bankruptcy announcement, Big Lots said the company had suffered from rising inflation and rising interest rates. In the previous months, the retailer had closed hundreds of branches for cost reasons.

Still, 963 Big Lots stores were still operating Thursday, including 50 in New York, 18 in New Jersey and 6 in Connecticut. The company said it will continue to sell furniture, home decor and various other items during the bankruptcy process.

Big Lots’ original plan was to sell to Los Angeles-based hedge fund Nexus Capital Management. And although a sale is still possible, the original plan didn’t work out.

Nexus Capital had already bought Dollar Shave Club from Unilever in 2023 and led the flower delivery service FTD out of bankruptcy in 2019.