Big Lots is preparing to close all of its stores by early January. 

The company previously announced plans to sell its assets business to Nexus Capital Management. However, Big Lots said they do not anticipate completed that sale. 

Big Lots is based in Columbus, Ohio and operates more than 900 locations nationwide. The business sells furniture, lawn and garden, apparel, health and beauty, and other consumer goods. 

Big Lots says it plans to begin "going out of business" sales at all remaining locations. This includes the West 12th Street location in Erie. 

"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," said Bruce Thorn, Big Lots' President and Chief Executive Officer.