Big Lots Reaches Deal To Keep Hundreds Of U.S. Stores Open

The discount chain Big Lots, which filed for bankruptcy protection in September, has reached a deal to keep hundreds of its stores and distribution centers open, Dee-Ann Durbin reported for the Associated Press (AP).

Big Lots sells furniture, home decor, and other items. I Photo: Ambrosia LaFluer Flickr

Big Lots announced recently that it will be sold to Gordon Brothers Retail Partners, a firm specializing in distressed companies. Gordon Brothers will then transfer Big Lots’ 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 Big Lots stores and operate them under the Big Lots brand.

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Variety Wholesalers will also acquire up to two distribution centers.

“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,” Big Lots President and CEO Bruce Thorn said in a statement.

“We are grateful to our associates nationwide for their grit and resilience throughout this process.”

The Columbus, Ohio-based Big Lots sells furniture, home decor, and other items. When it filed for bankruptcy in September, the company cited inflation and high interest rates as factors that caused consumers to cut back on purchases of home and seasonal products—two categories critical to the 899-store chain's revenue.