The bankrupt Big Lots Inc. has agreed to a sale transaction with Gordon Brothers Retail Partners LLC that will enable the transfer of Big Lots assets – including stores, distribution centers, and intellectual property – to other retailers and companies.
Big Lots currently has 963 stores. The company stated the first transaction from this new deal involves Variety Wholesalers Inc., which plans to acquire between 200 and 400 Big Lots stores and up to two distribution centers. Variety Wholesalers owns more than 400 retail stores in the Southeast and Mid-Atlantic markets under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town banners.
“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, Big Lots president and CEO. “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.”
Rick Edwards, Gordon Brothers Retail Partners’ head of North America retail, added, “We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience.”
The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions. Big Lots declared bankruptcy in September and began running going out of business sales two weeks ago after asset purchase agreement with the private equity firm Nexus Capital Management fell through.
