America is set to bid farewell to another major retail name as Big Lots announces plans to shut down all of its locations following a series of store closures and filing for Chapter 11 bankruptcy protection.

In a statement released Thursday, December 19, the discount retail chain confirmed it is beginning “going out of business” (GOB) sales to “protect the value of its estate”.

The company, however, did not specify a timeline for how long the sales would continue, but assured customers that both in-store and online shopping options would be available during the process.

“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, to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process,” said Big Lots CEO Bruce Thorn.

The company has already closed more than 400 stores this year. Big Lots had previously filed for bankruptcy protection in September after revealing plans to close 340 locations across the US. This was part of an agreement with an affiliate of Nexus Capital Management LP to sell off the company’s assets. However, the deal fell through in December, leaving Big Lots with no viable path forward.

Founded in 1967 in Columbus, Ohio, Big Lots has long been known for offering a wide range of products, from furniture and electronics to toys and home décor. Despite efforts to restructure and a hopeful sale announcement earlier this year, the company now finds itself on the brink of closure, with no further plans to stay afloat.

As the company prepares to close its doors, CEO Thorn seemingly remains cautiously optimistic about the future. Big Lots’ transition to a full closure elucidates the growing challenges faced by traditional brick-and-mortar retailers as more consumers continue to make online shopping their first option and as financial pressures mount within the industry.