Big Lots Saves Stores With Gordon Brothers Deal

Big Lots, Inc. announced that the company has reached a sale agreement with Gordon Brothers Retail Partners, LLC, aimed at transferring its assets to other retailers, including Variety Wholesalers, Inc. This move seeks to sustain the Big Lots brand while preserving hundreds of stores and thousands of jobs.

The announcement is a huge turnaround from last week,  when Big Lots announced that it would begin "going out of business" sales at all remaining locations following a failed sale to Nexus Capital Management.

Under the new agreement, Variety Wholesalers plans to acquire between 200 and 400 Big Lots locations, as well as up to two distribution centers. The company intends to operate the acquired stores under the Big Lots name and may employ existing Big Lots associates, including corporate staff essential to operations.  

 "This agreement represents the best opportunity to preserve jobs, maximize value, and ensure the Big Lots brand continues to thrive. I’m deeply grateful to our associates for their resilience throughout this challenging process," said Bruce Thorn, President and CEO of Big Lots,

The sale agreement is subject to Bankruptcy Court approval and other customary conditions.