American discount retailer Big Lots announced Thursday it’s closing all stores across the nation, including 21 locations in Maryland.

The company was anticipating a sale to the investment firm Nexus Capital Management, which they now don’t believe will happen, the company said in a news release. To protect the company’s value, they’re conducting going-out-of-business sales at all stores across the country, including the five locations in Baltimore City and Anne Arundel and Baltimore counties.

The going-out-of-business sales will start in the coming days, according to the company.

“We have made the difficult decision to begin the GOB process,” CEO Bruce Thorn said in the news release.

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Big Lots announced its plans to sell the business to Nexus and file for bankruptcy in September.

Earlier this year, the company reported a 7.2% decline in net sales in the fourth quarter of 2023 compared to the year prior. On Thursday, the stock was down nearly 22%.

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Big Lots was founded in 1967 as a store rooted in the closeout deal, or goods sold at reduced prices. Following the mission slogan “Live Big, Save Lots,” the brand has grown to over 1,000 stores offering discounted home goods, kitchenware, pet supplies, seasonal decor and more.

There are 21 Big Lots stores in Maryland. The Baltimore-area stores still operating, but that will be closing, are at the following locations:

  • 5820 Baltimore National Pike, Catonsville
  • 2525 Cleanleigh Drive, Parkville
  • 9977 Pulaski Highway, Middle River
  • 1400 Merritt Blvd., Dundalk
  • 344 Hospital Drive, Glen Burnie