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Big Lots Strikes Deal with Gordon Brothers and Variety Wholesalers to Keep 200-400 Stores Open

Dec 28, 2024, 07:36 PM

Big Lots, a discount chain based in Columbus, Ohio that filed for bankruptcy protection in September, has reached a deal to keep hundreds of its stores and distribution centers open. The company announced a sale transaction with Gordon Brothers Retail Partners, which will facilitate the transfer of Big Lots' assets to other retailers. Variety Wholesalers Inc., which operates over 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Additionally, Variety Wholesalers will acquire up to two distribution centers. This deal is aimed at preserving jobs and ensuring the continuity of the Big Lots brand. Big Lots President and CEO Bruce Thorn stated that the agreement presents the strongest opportunity to preserve jobs and maximize value for the estate. The company had previously planned to close all its stores after a potential sale to Nexus Capital Management fell through due to inflation and high interest rates affecting consumer purchases of home and seasonal products, but this new agreement offers a path forward for the retailer.