The CEO of Big Lots announced Thursday that after efforts to sell the troubled retailer fell through, it was time to begin the Going Out of Business phase for all locations. 

There are Big Lot of locations throughout the Valley, including stores in Austintown, Boardman, Niles, Warren, Hermitage, and New Castle.

Bruce Thorn, Big Lots' President and Chief Executive Officer, said, "We all have worked extremely hard and have taken every step to complete a going concern sale. 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."

Big Lots, Inc. announced Thursday that it does not anticipate completing a previously announced asset purchase agreement with Nexus Capital Management. However, the CEO said the retailer continues to work toward closing the deal with Nexus or another party. The company said its goal is to complete a sale by early January.

The company is preparing to begin the going-out-of-business sales at all remaining Big Lots store locations in the coming days to "protect the value of its estate." the press stated.

The company believes the final sales will not preclude the business from effectuating a going concern transaction.

Big Lots added that stores are "continuing to serve customers in-store and online, and will provide updates as available."

Big Lots is headquartered in Columbus and operates more than 1,420 stores in 48 states. However, it recently closed some hundreds of locations after filing for Chapter 11 bankruptcy. According to Big Lots, it employs more than 27,000 people.

A Worker Adjustment and Retraining Notice (WARN) was sent to the Ohio Department of Jobs and Family Services by Big Lots Corporate Headquarters in Columbus notifying the department of mass layoffs.

According to the notice, over 500 employees at the Columbus headquarters were laid off.

This story was updated to reflect the Big Lots location is in Hermitage, not Sharon. We regret the error.