Big Lots Finds A Buyer For Several Hundred Stores
The Big Lots brand will remain in a limited form thanks to a deal between the discount retailer, Gordon Brothers, and Variety Wholesalers.
Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward. The company will also acquire up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint.
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 less than two weeks after Big Lots announced it was going out of business after a deal with Nexus Capital Management fell through. Big Lots agreed to a sale transaction with Gordon Brothers Retail Partners that enables the transfer of Big Lots assets, including stores, distribution centers, and intellectual property, to other retailers and companies.
"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,” said Bruce Thorn, president and CEO of Big Lots. “This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate, and ensure continuity of the Big Lots brand."
"We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores,” said Lisa Seigies, president and CEO of Variety Wholesalers. “We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead."
The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions.
