Big Lots has struck an 11th-hour deal to save hundreds of its stores through a sale to Gordon Brothers and Variety Wholesalers. The Columbus, Ohio-based company had about 27,700 employees and more than 1,300 stores in 48 states when it filed for Chapter 11 bankruptcy protection in September.
Under the deal, Variety Wholesalers will take over around 200-400 locations, which will retain the Big Lots name and up to two distribution centers. However, the sale does not guarantee job security for employees.
Big Lots previously announced plans to close all of its remaining stores on December 19, 2024. This deal marks a significant shift in the company’s restructuring plans, which had initially seemed to collapse.
The recent bankruptcy filings by Big Lots and The Container Store follow a similar trend seen in the retail industry, with several national retailers facing financial struggles and mounting debts.
Source: https://www.axios.com/2024/12/27/big-lots-sale-variety-wholesalers