Big Lots, the discount retailer facing financial struggles, has reached a deal with Gordon Brothers Retail Partners to transfer assets to other retailers. Variety Wholesalers, a North Carolina-based company with several discount retail chains, plans to acquire between 200 and 400 locations under the Big Lots brand.
According to a press release, Variety Wholesalers will operate the acquired stores and may employ thousands of Big Lots employees. However, details about the deal are sparse, and neither party is sharing further information on which stores will stay open or focus on specific regions.
“We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores,” said Variety CEO Lisa Seigies. The agreement is still subject to approval from a bankruptcy court.
Source: https://www.fastcompany.com/91253267/big-lots-closing-list-locations-stores-staying-open