Big Lots has reached a deal with Gordon Brothers Retail Partners, which will enable the transfer of its assets, including stores, distribution centers, and intellectual property, to other retailers and companies. Variety Wholesalers, Inc., which owns over 400 retail stores in the Southeast and Mid-Atlantic US, plans to acquire between 200 and 400 Big Lots stores, continuing to operate them under the Big Lots brand.
The deal, subject to approval by the bankruptcy court, aims to preserve jobs, maximize value for the estate, and ensure continuity of the Big Lots brand. If approved, the new owner may employ some existing staff at the acquired stores and distribution centers. The agreement follows Big Lots’ Chapter 11 bankruptcy filing in September to facilitate the sale of its assets.
As part of its bankruptcy proceedings, Big Lots initially planned to close around 35-40 stores, with hundreds more closures announced later. However, this new deal offers a lifeline for some of its locations, maintaining the brand’s presence in the market. The retailer operates approximately 1,400 stores across the US and employs over 30,000 workers.
Source: https://www.foxbusiness.com/retail/some-big-lots-stores-remain-open-bankruptcy-court-approves-deal-new-buyer