After months of store closures and filing for Chapter 11 financial setback protection, large Lots is preparing to close all of its locations, according to a press release issued by the business on Thursday.

More than 400 stores have already been closed by the retailer in 2024 with the remaining ones set to hold “going out of business” sales.

“The business is preparing to commence going out of business (GOB) sales at all remaining large Lots store locations in the coming days to protect the worth of its estate,” large Lots said in the press release.

CEO Bruce Thorn said the closures could be reversed if a business sale is completed.

“We all have worked extremely challenging and have taken every step to complete a going concern sale. While we remain optimistic that we can close an alternative going concern trade, in order to protect the worth of the large Lots estate, we have made the challenging selection to commence the GOB procedure,” Thorn said in the release.

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The business said it would continue to serve customers in-store and online and did not specific how long the sales would last.

financial setback and Store Closures at large Lots

Back in September, large Lots filed for Chapter 11 financial setback protection weeks after announcing plans to close 340 stores across the United States.

The business said at the period that the closures were part of a sale agreement with an affiliate of Nexus pool Management LP, according to a information release. aspiration was on the horizon for the business as it announced the approval to sell most of its assets and business operations to Nexus.

That aspiration was dashed by December, however, when the sale failed to leave through.

Fernando Cervantes Jr. is a trending information reporter for USA TODAY. Reach him at [email protected] and pursue him on X @fern_cerv_.