By Anne D’Innocenzio | The Associated Press Discount chain Big Lots is conducting going–out-of-business sales at its remaining locations after a sale of the company didn’t materialize. The Columbus, Ohio-based retailer, which sells furniture, home decor and other items, filed for Chapter 11 bankruptcy protection in early September and said private equity firm Nexus Capital Management LP had agreed to acquire “substantially all of the company’s assets.” Also see: Party City closing all stores nationwide, at least 80 of them in California But on Thursday, the chain said it didn’t anticipate completing the purchase agreement. It said it continues to work toward completing an alternative transaction with Nexus or another party. Big Lots said its goal would be to complete a sale by early January. According to the company’s website, discounts of up to 50% were being offered on the entire assortment and it announced all stores were closing. “We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, Big Lots’ president and CEO said 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.” More on retail scene: Starbucks workers begin strikes that could spread to hundreds of US stores by Christmas Eve Big Lots said it is continuing to serve customers in-store and online, and will provide updates as available. Big Lots has said that high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue. The company has also struggled with increased competition from the likes of Walmart and warehouse clubs like Walmart’s Sam’s Clubs and Costco, which have all sharpened their pricing and merchandise. At the end of 2023, Big Lots operated nearly 1,400 stores in 48 states. A more recent store count wasn’t immediately available. Related Articles Retail | Party City closing all stores nationwide, at least 80 of them in California Retail | Big Lots liquidation looms after plan to sell to Nexus Capital falls apart Retail | Subway’s shift to Pepsi drinks overcomes franchisee opposition Retail | Retail sales rose at healthy pace last month in latest sign of US economy’s health Retail | Starbucks triples baristas’ paid parental leave to 18 weeks