National retailer Big Lots, based in Columbus, Ohio, announced Thursday that it will begin going out of business (GOB) sales at all remaining stores.

The retail chain also said it does not expect to enter into a previously announced asset purchase agreement with Nexus Capital Management and will continue to work toward an alternative sale with Nexus or another company. Big Lots, Inc. hopes to complete the sale by early January.

In the absence of a deal, the company will begin selling GOB to protect the value of its estate.

“We have all worked extremely hard and taken every step to complete a going concern sale,” said Bruce Thorn, President and CEO of Big Lots. “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 initiate the GOB process.”

LARGE LOTS OF LOTS TO COMPLETE OVER 50 RETAIL LOCATIONS

A close-up shot of a Big Lots store in Los Angeles, California, USA, on Saturday, September 7, 2024. (Eric Thayer/Bloomberg via Getty Images / Getty Images)

Big Lots did not immediately respond to FOX Business’ questions and request for comment on the matter.

Big Lots filed for Chapter 11 bankruptcy in early September to facilitate the sale of “substantially all” of its assets to its “stalking horse bidder” Nexus Capital Management.

The discount retailer said at the time that its board had concluded that “concluding the sales agreement with Nexus and commencing a court-supervised sales process is the best path forward to maximize value and ensure business continuity.” For the transaction to be completed, Nexus must be the winner of a court-supervised auction.

BIG LOTS is filing for bankruptcy and will close some stores due to sale to an investment firm

Carle Place, NY: The Big Lots Store in Carle Place, New York on July 23, 2024. (Howard Schnapp/Newsday RM via Getty Images / Getty Images)

Before filing Chapter 11, Big Lots told the SEC it planned to close 35 to 40 stores, quickly growing to hundreds. The retailer operates approximately 1,400 stores in the United States and employs over 30,000 people.

In its Chapter 11 filing in September, Big Lots said there would be additional store closings, and in October it announced it would close another 50 stores.

The discount store is known for selling home goods, furniture, seasonal decorations and other products.

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In the second quarter, Big Lots posted net sales of $1.05 billion, a decline of over 8% compared to the same three-month period last year. The quarterly net loss was nearly $238.46 million.

FOX Business’ Pilar Arias contributed to this report.