(TNND) — Big Lots is preparing to close all remaining locations after closing hundreds of stores and filing for Chapter 11 bankruptcy, the company announced Thursday.

In a press release, the company said it is “preparing to begin ceasing business sales at all remaining Big Lots locations in the coming days.” The decision comes after the company failed to complete a sales agreement with Nexus Capital Management, a private equity firm.

The Hill reports that more than 400 of 900 Big Lots stores have closed this year, marking a 30% decline for the brand.

In an email to employees shared with Nexstar and reported by The Hill, President and CEO Bruce Thorn said the planned store closures “could be reversed if we successfully complete a sale.”

“In the meantime, we will continue to serve our customers both in-store and online,” Thorn added.

Regarding staffing, Thron said in the email that “downsizing is necessary,” adding that downsizing for company employees will begin in January. Some employees may receive the Worker Adjustment and Retraining Notification Act (WARN) informing them of the workforce reduction.

“I realize that this is difficult news for all of us. You should be proud of the courage and resilience you have demonstrated during what I know has been a challenging time,” Thorn wrote in the email.

Earlier this year, inflation and retailer competition caused problems for Big Lots, forcing the company to file for bankruptcy in September. Following the filing, Big Lots said it plans to sell all assets and business operations to Nexus.

Court approval for the sale came in November and the sale was expected to close in December but did not materialize.

Big Lots is one of many major retailers and chains set to close in 2024.