ELKINS — The Big Lots location in Elkins is among the stores set to close after the company announced that an attempt to purchase the discount chain fell through.

The store on the Beverly Pike features signs stating “Store Closing” and announcing “going-out-of-business sale” of up to 25% off everything in the entire store.

An employee inside the store Monday said the location is expected to close in February. In a phone call to the store, a representative said no local comment on the situation could be made, and referred The Inter-Mountain to a corporate phone number. A message left at that number was not returned Monday.

Big Lots stores in Bridgeport, Fairmont, Morgantown, Martinsburg, Princeton and Charleston are also set to close.

Big Lots Inc. began Chapter 11 bankruptcy proceedings in September and were working toward a sale agreement with the private equity firm Nexus Capital Management LP. However, on Dec. 12, the company announced in a press release that it “does not anticipate completing its previously announced asset purchase agreement” and “is preparing to commence going out of business sales at all remaining Big Lots store locations in the coming days to protect the value of its estate.”

The company added in the release that they would still be working on completing a transaction, whether with Nexus Capital or another group and that the “going-out-of-business sale” will not prevent any future sale of the company.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots President and CEO Bruce Thorn said in the release. “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.”

The company has stated that it will continue to serve customers in-store and online, and will provide updates as they become available.

High inflation and interest rates have hurt Big Lots’ business due to consumers pulling back on purchasing stores’ home and seasonal products, which make up a significant part of the company’s revenue, according to a company press release. Increased competition from stores like Walmart and warehouse clubs, such as Sam’s Club and Costco, have also been a source of struggle for Big Lots.

At the end of 2023, Big Lots operated nearly 1,400 stores in 48 states, according to the Associated Press.