Big Lots, one of the country’s largest discount chains, is preparing to launch “out-of-business” sales at all remaining locations in the coming days.

The Columbus, Ohio-based company says it will rely on sales to protect its finances while seeking a buyer.

In a December 19 press release, the company’s CEO Bruce Thorn acknowledged the significant financial challenges the company faced throughout 2024, which led to its recent approach to preserving its remaining assets.

“We have all worked extremely hard and taken every step to complete a going concern sale,” Thorn’s statement said. “While we remain hopeful that we can complete an alternative transaction, we have made the difficult decision to initiate the GOB process to protect the value of the Big Lots property.”

Customers looking for holiday deals can expect reasonable discounts both online and in-store at the company’s remaining locations as the company clears out its inventory of furniture, decor items and pantry items. Big Lots did not set an end date for the sale in its press release, but stated that its “goal is to complete the sale by early January 2025.”

According to NBC News, Big Lots initially wanted to enter into an asset purchase agreement with Nexus Capital Management. Now the company says the deal is unlikely to go through. While liquidation sales are underway, the company says it will continue to explore alternative deals with Nexus or another buyer.

According to its website, the company has more than 1,420 stores in 48 states across the United States.

Big Lots filed for Chapter 11 bankruptcy in September after suffering sustained losses and closing hundreds of stores this year.