Big Lots is set to shut down all its stores following several months of closings and a Chapter 11 bankruptcy filing, as indicated in a statement from the company released on Thursday.

This year alone, the retailer has closed over 400 locations, with the remaining stores scheduled to initiate “going out of business” sales soon.

According to the press release, “The Company is preparing to start going out of business (GOB) sales at all remaining Big Lots store locations in the coming days to safeguard the value of its estate.”

Big Lots CEO Bruce Thorn mentioned that the closures might be reversed if the company finds a buyer.

“Our team has done everything possible and has taken every measure to finalize a going concern sale. While we remain optimistic about closing an alternative going concern transaction, we must start the GOB process to ensure the Big Lots estate’s value is protected,” Thorn stated in the release.

The company plans to keep serving customers both in-store and online but has not disclosed the duration of the sales.

Big Lots’ Bankruptcy and Store Closures

In September, Big Lots sought Chapter 11 bankruptcy protection just weeks after revealing plans to close 340 stores across the nation.

At that time, the closures were linked to a sale agreement with an affiliate of Nexus Capital Management LP, according to a news release. The company had a glimmer of hope after announcing the sale approval of most of its assets and operations to Nexus.

However, by December, that optimism faded when the sale did not materialize.