BigLots Stores, Inc. (stylized as BigLots!) is an American discount retail chain selling closeout and overstock merchandise. Founded in 1967 as Consolidated Stores, the chain is headquartered in Columbus, Ohio, and includes over 900 locations across the United States.
BigLots filed for Chapter 11 bankruptcy in October 2024, and later, in December, the chain announced that it would cease operations, liquidate, and close all remaining stores. Liquidation sales began in December 2024, and all stores were expected to close in 2025. On December 28, 2024, BigLots agreed with Gordon Brothers Retail Partners to keep between 200-400 stores open with a deal to transfer operations along with one or two distribution centers to Variety Wholesalers, with the remainder permanently closed.
BigLots Agree To Strategic Transaction To Facilitate Preservation Of Brand, Hundreds Of Stores And Thousands Of Jobs
Agrees to a Sale Transaction with Gordon Brothers Retail Partners that Enables the Transfer of Assets to Other Retailers and Companies, Including Variety Wholesalers
COLUMBUS, Ohio, December 27, 2024 /PRNewswire/ — BigLots, Inc. (the “Company”) today announced that it has agreed to a sale transaction with Gordon Brothers Retail Partners, LLC (“Gordon Brothers Retail Partners”) that enables the transfer of BigLots assets, including stores, distribution centers, and intellectual property, to other retailers and companies, including Variety Wholesalers, Inc. (“Variety Wholesalers”), which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town banners.
Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the BigLots brand moving forward, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as particular corporate associates needed to support the go-forward footprint.
Bruce Thorn, BigLots’ President and Chief Executive Officer, said, “The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for BigLots that reflects our team’s tireless work and collective effort. This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate, and ensure the Big Lots brand continuity. We are
grateful to our associates nationwide for their grit and resilience throughout this process.”
Rick Edwards, Gordon Brothers Retail Partners’ Head of North America Retail, said, “We are pleased to reach this strategic agreement with BigLots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience.”
BigLots reaches deal to keep hundreds of U.S. stores open.
The discount chain Big Lots filed for bankruptcy protection in September and has reached a deal to keep hundreds of its stores and distribution centers open.
BigLots said Friday it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer BigLots’ stores, distribution centers, and other assets to other retailers.
Variety Wholesalers Inc., which owns more than 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, plans to acquire between 200 and 400 Bi Lots stores and operate them under the Big Lots brand. Variety Wholesalers will also acquire up to two distribution centers.
BigLots, Inc.
On December 19, 2024, Big Lots announced that it does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management. However, it continues to work toward achieving an alternative going concern transaction with Nexus or another party. The Company’s goal is to complete a sale by early January.
In parallel with these efforts, the Company is preparing to commence going out of business (“GOB”) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate. The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction.
The Company is continuing to serve customers in-store and online.
Not all BigLots stores will close: Deal with Gordon Brothers keeps up to 400 open.
BigLots filed for bankruptcy in September and has reached a deal to keep hundreds of its stores open.
On Friday, the retailer announced a transaction with Boston-based asset liquidation firm Gordon Brothers Retail Partners, which transferred 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. Its chains include Roses, Roses Express, Maxway, Bill’s Dollar Stores, and Bargain Town.
According to a press release from the companies, Variety Wholesalers plans to operate the stores acquired in the deal under the Big Lots brand and may employ current Big Lots employees at the stores and the one or two of Big Lots distribution centers it plans to acquire.
BigLots strikes deal to keep hundreds of stores open and save jobs.
CNN —
BigLots, the discount chain that filed for bankruptcy in September, said Friday that it agreed to a sale transaction with an investment firm. This will allow hundreds of stores to stay open by transferring their property to other retailers and companies.
The Columbus, Ohio-based Company recently announced it was preparing to close its remaining 963 locations after an acquisition by private equity firm Nexus Capital Management fell through. Big Lots’ new deal is with Gordon Brothers Retail Partners, which will facilitate the transfer of its brand, stores, and distribution centers.
According to BigLots’ news release, variety Wholesalers, which owns more than 400 retail stores, including Bargain Town, Bill’s Dollar Stores, and Maxway, will acquire between 200 and 400 Big Lots stores and up to two distribution centers.
BigLots will soon start ‘going out of business’ sales at its remaining locations.
New YorkCNN —
BigLots is preparing to close its remaining 963 locations after a sale to save the bankrupt retailer fell through.
In September, the Company announced it sold “substantially all” of its assets to private equity firm Nexus Capital Management. Still, BigLots said in a statement Thursday it “does not anticipate completing” the transaction.
As a result, BigLots will start its “going out of business” sales at all remaining locations in the coming days. However, it still plans to explore other options to save the Company, including negotiating with Nexus or another buyer to complete a sale by early January.
FAQs:
1. What is Big Lots?
Big Lots is a popular retail chain in the United States that offers a wide variety of products, including furniture, home decor, groceries, electronics, and seasonal items, often at discounted prices.
2. Where can I find Big Lots stores?
Big Lots operates hundreds of stores across the United States. You can use the store locator on their official website to find a location near you.