Is it a holiday miracle? Just a week after the retailer announced liquidation sales at all of its roughly 900 remaining locations, Big Lots now says it will keep between 200 and 400 stores open thanks to a planned sale to Gordon Brothers Retail Partners. The sale, which still needs to be approved by a bankruptcy court, would enable “the transfer of Big Lots assets, including stores, distribution centers, and intellectual property, to other retailers and companies, including Variety Wholesalers, Inc.,” according to a press release put out by the company on Friday.
RELATED: All Big Lots Locations Could Close as Going-Out-of-Business Sales Commence at Remaining Stores.
How is Big Lots keeping stores open now?
Big Lots’ story has become quite the roller coaster. After beginning to close locations in late 2022, the retailer filed for Chapter 11 Bankruptcy this past September. They hoped a planned sale to Nexus Capital Management LP would keep things afloat, but that fell through last week, prompting the company to commence going-out-of-business sales at all locations.
Despite the recent turmoil, Big Lots president and CEO Bruce Thorn remained optimistic about closing an alternative deal by early January—and it looks like his wish came true.
“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,” Thorn said in this week’s press release. “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 grateful to our associates nationwide for their grit and resilience throughout this process.”
Variety Wholesalers, Inc., “intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers.” The press release says that Variety “may employ” current Big Lots store associates and corporate associates.
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Which stores will remain open?
It’s not clear exactly which Big Lots locations will remain open, but it’s worth noting that Variety Wholesalers currently operates in the Southeast and Mid-Atlantic regions, where it owns more than 400 retail stores, including Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town.
Lisa Seigies, Variety Wholesalers’ president and CEO, said in a statement, “We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of it stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”
Best Life has reached out to Big Lots for more information about store specifics and timelines and will update this story with their response.
In the meantime, Big Lots’ website still has a banner that reads, “All stores closing. Now save up to 25% off entire store,” so you can probably still find some good deals.