Save Different Tab Excel To Individual Text Files?

I want to get a vba which will convert an excel with different tabs to individual text files. IT MUST BE PIPE DELIMITED.

So if there is an .xls file with 5 different tabs, i should get 5 text files with each text file getting name of the worksheet it was created from.

I have a similar code but somehow it is doing the conversion only for last worksheet, also it is saving the file in the same name as workbook.

Code:
Sub save_as_text()
Dim i As Long, txt As String, delim As String
delim = "|"
With ActiveSheet.UsedRange
For i = 1 To .Rows.Count
txt = txt & vbCrLf & _
Join(Evaluate("transpose(transpose(" & .Rows(i).Address & "))"), delim)
Next
End With
Open Replace(ThisWorkbook.FullName, ".xls", ".txt") For Output As #1
Print #1, Mid$(txt, 2)
Close #1
End Sub