Big Lots, which filed for bankruptcy protection in September, has reached a deal that will preserve hundreds of stores and distribution centers. The discount chain will be sold to Gordon Brothers Retail Partners, a firm specializing in distressed companies. Variety Wholesalers Inc., a discount store owner with over 400 locations, plans to acquire between 200-400 Big Lots stores and operate them under the Big Lots brand.
The deal aims to preserve jobs, maximize value for the estate, and ensure continuity of the Big Lots brand. According to Big Lots President Bruce Thorn, “This sale agreement presents the strongest opportunity to preserve jobs, maximize value, and ensure the continued success of our brand.”
Big Lots had initially planned to sell its assets to private equity firm Nexus Capital Management but instead partnered with Gordon Brothers to conduct going-out-of-business sales at its 869 U.S. locations. The deal with Gordon Brothers will allow Big Lots to keep hundreds of stores and distribution centers open, providing a lifeline for the struggling discount chain.
Source: https://www.al.com/news/2024/12/major-retailer-reverses-course-says-it-will-keep-hundreds-of-stores-open.html