Big Lots has announced a sale transaction with Gordon Brothers Retail Partners that will see the transfer of its former assets to other retailers. The deal includes the sale of 200-400 stores and up to two distribution centers to Variety Wholesalers.
The agreement aims to preserve Big Lots’ brand, hundreds of stores, and thousands of jobs. Variety Wholesalers plans to operate acquired stores under the Big Lots brand and may also employ former Big Lots associates at these locations.
Big Lots president and CEO Bruce Thorn stated that the sale is a favorable achievement for the company, allowing it to maximize value for its estate while ensuring continuity of the Big Lots brand. The transaction is pending approval by the Bankruptcy Court and subject to customary closing conditions.
Gordon Brothers Retail Partners’ North America Retail head Rick Edwards said the partnership allows Big Lots to continue serving customers with extreme bargains and a superior shopping experience. Legal, financial, and real estate advisors have been engaged to assist Big Lots with the transaction process.
Source: https://finance.yahoo.com/news/big-lots-agrees-sale-transaction-120228457.html