new York
CNN
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Big Lots is preparing to close its remaining 963 locations after a sale to save the bankrupt retailer fell through.

The company announced back in September that it would sell “substantially all” of its assets to private equity firm Nexus Capital Management, but Big Lots said in a statement on Thursday that it was “not finalizing” the transaction calculates.

As a result, Big Lots will begin “going out business” sales at all remaining locations in the coming days. However, it still plans to explore other options to save the company, including negotiations with Nexus or another buyer, with the aim of completing the sale by early January.

According to a layoff notice, up to 555 employees will lose their jobs. These layoffs also include company employees such as the president and CEO.

“We have all worked extremely hard and taken every step to complete a going concern sale,” Big Lots 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.”

Big Lots blamed several economic factors for its bankruptcy, including high inflation and interest rates that caused customers to change their purchasing behavior. They strive for added value – but not necessarily lower costs. That’s why dollar stores struggled while sales at Walmart and Amazon boomed.

Big Lots has closed hundreds of stores since the start of the year. At its peak, the company had more than 1,400 locations across the United States.

Before filing for Chapter 11 bankruptcy protection, Big Lots warned it had “significant doubts” about its ability to maintain operations. A regulatory filing said there was a “significant likelihood” of a possible default on a loan in 2022, which could derail the 57-year-old retailer’s survival efforts.