Big Lots Closes Deal With Gordon Brothers

Big Lots has closed its previously announced sale agreement with Gordon Brother Retail Partners that will enable Variety Wholesalers, Inc. ("Variety Wholesalers") to acquire between 200 and 400 Big Lots stores and up to two distribution centers. Variety plans to operate the acquired stores under the Big Lots brand.

"We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value, and maintain the Big Lots brand,” said Bruce Thorn, president and CEO of Big Lots. “We are working closely with the Gordon Brothers and Variety Wholesalers teams on this transition."

Kyle Shonak, Gordon Brothers' Chief Transaction Officer, added, "We were proud to support Big Lots through the restructuring process to enable the Company's continued operation, and look forward to working with Variety Wholesalers to support Big Lots' go-forward footprint."

Lisa Seigies, Variety Wholesalers' President and CEO, said, "Variety is thrilled to officially welcome the Big Lots brand and looks forward to operating hundreds of Big Lots store locations. This strategic acquisition allows us to serve additional customers and communities. We plan to combine the best of Variety with the best of Big Lots and are excited about the possibilities ahead."

Variety Wholesalers 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. The deal comes just weeks after Big Lots announced it was going out of business after a deal with Nexus Capital Management fell through.