All Big Lots stores will hold "going out of business" sales as the company prepares to shut its doors after a sale to a private equity firm fell through, Big Lots officials announced Thursday. 

In a press release, the company said a previously announced sale of its assets to Nexus Capital Management had failed, but that they still hoped to either revive the deal with Nexus or have another buyer by early January. 

The company currently owns 963 locations in the U.S., but it closed more than 400 stores in 2024, a significant cut as Big Lots tried to find a buyer after filing for Chapter 11 bankruptcy protection in September. Up to 555 people will lose their jobs.

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