Big Lots announces 'going out of business' sales at remaining stores. Here's what to know

After closing hundreds of stores and filing for Chapter 11 bankruptcy protection earlier this year, discount retailer Big Lots is preparing to close its remaining locations.

According to a news release issued Thursday by the Columbus, Ohio-based chain, the company is set to commence “going out of business” sales at its remaining 963 stores “to protect the value of its estate.”

The decision comes as the chain’s planned sale of the bulk of its assets and business operations to Nexus Capital Management fell through.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ president and chief executive officer, in a statement. “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”

The company said it will continue to serve customers at its remaining stores and its website, biglots.com.

Nationwide, the chain has already closed at least 429 stores this year.

In Florida, Big Lots operates 72 stores, including three in Jacksonville, according to the company’s website. In July, two months before filing for bankruptcy, the chain operated as many as 106 stores in the state.

Among the closures in Florida over the summer was Big Lots’ Orange Park location at 700 Blanding Blvd. Other area stores at 9119 Merrill Road, 9625 Crosshill Blvd. and 9718 Old St. Augustine Road remained open.

Now those stores and others across the country are expected to begin sales to clear out remaining inventory. As of Thursday evening, though, no “going out of business” sales were listed for the stores on the company’s website.

Already this year, Walgreens closed locations, Walmart closed all 51 of its health centers, restaurant chains like Red Lobster, Tijuana Flats, TGI Fridays and Hooters announced closings and retail outlets such as rue21, Express, Best Buy, Macy’s, Dollar Tree and Family Dollar all announced bankruptcies or location reductions.