COLUMBUS, Ohio - As Big Lots, Inc. announced Thursday plans to start going-out-of-business sales at all of its stores, including seven in the Valley, it also informed 555 workers at its Columbus, Ohio headquarters that layoffs would begin on December 29.

A notice required under the Worker Adjustment and Retraining Notification Act was sent to the Ohio Department of Jobs and Family Services stating that layoffs at Big Lots Corporate Headquarters located at East Dublin Granville are expected to be completed by April 2025.

In a news release, the discount retailer said that it no longer expects to finalize its previously announced sale to private equity firm Nexus Capital Management and will begin going-out-of-business sales at all remaining stores "in the coming days."

Big Lots says in a statement that it believes the sales won't hinder a potential deal to maintain the chain as a going concern. According to the Corporate Finance Institute, the going concern principle assumes that any organization will continue to operate its business for the foreseeable future.

The company emphasized its ongoing efforts to secure a going-concern transaction, ideally by early January.

"We remain hopeful that we can close an alternative going concern transaction," said Big Lots President and CEO Bruce Thorn in a statement. "However, to protect the value of the Big Lots estate, we have made the difficult decision to begin the going-out-of-business (GOB) process."

Here in the Valley, Big Lots has locations in Austintown, Boardman, Niles, Warren, Calcutta, Ohio, Hermitage, and New Castle, Pennsylvania.

While the court-supervised Chapter 11 bankruptcy process continues, Big Lots says it will remain in operation, serving customers both in-store and online.