5 sources·Business

Big Lots Secures Survival by Selling Stores to Variety Wholesalers After Bankruptcy Filing

Big Lots has reached a deal to sell hundreds of stores to Variety Wholesalers, ensuring continuity and job preservation following its bankruptcy filing.

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Updated: Dec 28th, 2024, 6:58 PM ET

Summary

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Big Lots has struck an agreement with Gordon Brothers Retail Partners to facilitate the sale of 200 to 400 stores to Variety Wholesalers, following its bankruptcy filing in September. The deal aims to preserve jobs and maintain the Big Lots brand name. As inflation and interest rates impacted sales, Big Lots faced the risk of complete closure after a previous sale agreement fell through. The new arrangement includes two distribution centers and will ensure continuity for thousands of employees. The deal is pending bankruptcy court approval.

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