Big Lots is preparing to close all remaining locations after filing for bankruptcy three months ago, the company announced in a news release Thursday.

The discount retailer will begin “going out business,” or “GOB,” sales at its 963 remaining stores ahead of the closures, the release said. It is unclear how long the stores will remain open.

After filing for Chapter 11 bankruptcy in September and closing 400 of its locations across the country, the Columbus, Ohio-based company announced that it intends to sell its remaining assets and operations to private equity firm Nexus Capital Management for sale. The sale received court approval in late October and the expected closing date is early December. However, according to the press release, the company no longer expects the deal to go through.

Big Lots President and CEO Bruce Thorn said in the release that the company is still exploring other sales options and hopes to close a deal by January. The press release also states that the company does not expect the GOB sales to impede potential future asset transactions.

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

Big Lots is one of many companies across the country that filed for bankruptcy in 2024, marking a 16.2% increase in filings compared to the previous year, according to the U.S. Courts database. In retail alone, there have been 49 bankruptcy filings, NBC News reported, up from 25 in 2023. More than 7,300 store closures have been reported so far this year, led by Family Dollar (718), CVS (586) and Big Lots (580).

Also on this year’s list is Red Lobster, although the popular seafood chain announced in early September that it had survived Chapter 11 proceedings.