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Big Lots Approved to Sell 200 to 400 Stores to Gordon Brothers and Variety Wholesalers, Saving Jobs

Jan 3, 2025, 04:25 PM

Big Lots, a discount retailer, has received approval from U.S. Bankruptcy Judge Kate Stickles for a last-minute sale that will allow between 200 and 400 of its stores to remain open under new ownership. The sale, approved in Wilmington, Delaware, involves the transfer of Big Lots' stores, distribution centers, and intellectual property to Gordon Brothers Retail Partners and Variety Wholesalers. This deal aims to preserve the Big Lots brand and save between 5,000 and 10,000 jobs. The transaction follows the collapse of a previous agreement with Nexus Capital, which led Big Lots to initiate going-out-of-business sales at its remaining stores. However, the new deal will not fully repay vendors such as Tempur Sealy and Serta Simmons, who have objected to the sale due to outstanding debts of $250 million.