A Big Lotand filed for bankruptcy in September, reached a deal to keep hundreds of its stores open.
The retailer announced Friday a transaction with Boston-based asset liquidation firm Gordon Brothers Retail Partners resulting in the transfer of 200 to 400 Big Lots stores to Variety Wholesalers, Inc.
Variety Wholesalers of Hendersonville, North Carolina owns more than 400 stores in the Mid-Atlantic and Southeast; among the chains it operates are Roses, Roses Express, Maxway, Bill's Dollar Stores, and Bargain Town.
Variety Wholesalers plans to operate the stores acquired in the deal under the Big Lots brand and may employ existing Big Lots employees at the stores and the one or two Big Lots distribution centers it plans to acquire, according to a press release from the companies.
The transaction includes the transfer of Big Lots' assets, including stores, distribution centers, and intellectual property, the companies said. The deal is subject to bankruptcy court approval.
“The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team,” Big Lots CEO Bruce Thorn said in a statement. “This sale and transfer agreement provides the strongest opportunity to retain jobs, maximize value for the estate and ensure the continuity of the Big Lots brand. We are grateful to our associates across the country for their grit and their resilience throughout this process.”
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Big Lot recently announced plans to closed all its shops after a The potential sale fell to Nexus Capital Management.
before that, Big Lots had been closing some stores as it went through the bankruptcy process, announcing plans to close more than more than 340 stores. The company it had more than 1,300 stores across the US as of March 2024.
Many Great battles come amid a challenging retail environment leads to The Container Store filed for bankruptcy protection less than a week ago and Party City also went out of business and filed for bankruptcy.
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This article originally appeared on USA TODAY: Big Lots closes stores: Gordon Brothers deal keeps up to 400 open