News Photo by Maxwell Olmstead Carol Kowalski shops at the Big Lots in Alpena on Thursday. The retailer announced earlier in the day it will begin going out of business sales at all of its stores and there is a chance all remaining stores could close.

ALPENA — Big Lots stores across the country will begin going out of business sales in the coming days and there is a chance all of its remaining stores could close if there isn’t a sale of the franchise by early next month.

Big Lots said in a press release on Thursday that having a purchase agreement with Nexus Capital Management could have prevented further store closures, but the deal fell through. The retailer said it will continue to work with Nexus and other companies to get a deal done, which could prevent some store closures.

The company announced it intended to close about 340 stores in October.

A manager at the Big Lots in Alpena said he was unable to make a comment on the evolving situation.

The company said it will continue to serve customers in-store and online and will provide updates as available as new developments unfold.

Bruce Thorn, Big Lots’ president and chief executive officer, said the situation right now may seem bleak, but he is holding out hope of a last-minute sale.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” he said. “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 going out of business process.”

Big Lots is one of the nation’s largest closeout retailers focused on extreme value. The company is dedicated to being the big difference for a better life by delivering bargains to brag about on everything for the home, including furniture, decor, pantry, and more. It fulfills its mission to help customers “Live BIG and Save LOTS” with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels, and value-engineered products. The Big Lots Foundation, together with the Company’s customers, associates, and vendors, has delivered more than $176 million of philanthropic support to critical needs in hunger, housing, healthcare, and education.

Steve Schulwitz can be reached at 989-358-5689 or sschulwitz@thealpenanews.com. Follow him on X @ss_alpenanews.com.