Big Lots is liquidating its stores and holding "going out of business" sales at all its locations after a deal with its buyer fell through.

The chain had closed hundreds of locations throughout 2024 and filed for Chapter 11 bankruptcy earlier this year, transferring ownership of its stores and operations to private equity firm Nexus Capital Management.

But within the past week, that deal with Nexus Capital Management fell through, according to CBS News.

While the company said it is continuing to negotiate with Nexus and exploring other avenues to keep afloat, it is holding going out of business sales at its 908 locations nationwide.

The discount retailer announced deals of 25% off everything in store and mentioned that all of its brick-and-mortar locations would be closing for good, according to the Big Lots website.

The consumer goods discount retailer has already closed 580 locations nationwide, and is one of the U.S. retailers that closed the most stores in 2024.

Big Lots announced it is going out of business on Friday, Dec. 20, which happens to be the same day that New Jersey-based party supplies retailer Party City revealed it is also going out of business and closing all stores. The stores are also holding going out of business sales with up to 50% off items storewide before they completely shut down.