Big Lots reaches deal to keep hundreds of US stores open

Big Lots discount chain, which Filed for bankruptcy protection In September, it reached an agreement that will keep hundreds of its stores and distribution centers open.

Big Lots said Friday it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers would then transfer the Big Lots stores, distribution centers and other assets to other retailers.

Variety Wholesalers Inc., which has more than 400 discount stores in the Southeastern U.S. and Mid-Atlantic regions, plans to acquire 200 to 400 Big Lots stores and operate them under the Big Lots brand. Diversified wholesalers will also get up to two distribution centers.

“This sale and transfer agreement represents the strongest opportunity to preserve jobs, maximize the value of the property and ensure the continuity of the Big Lots brand,” Bruce Thorne, president and CEO of Big Lots, said in a statement. “We are grateful to our partners across the country for their tenacity and flexibility throughout this process.”

Columbus, Ohio-based Big Lots sells furniture, home decor and other items. When it filed for bankruptcy in September, it said inflation and rising interest rates had caused consumers to pull back on purchases of household and seasonal produce, two categories the chain relies on for a large portion of its revenue.

At that time, Big Lots planned to sell its assets and ongoing business operations to private equity firm Nexus Capital Management.

But on December 20, a lot happened He said the deal is with Nexus Not achieved. It then partnered with Gordon Brothers to conduct out-of-business sales at its 869 U.S. locations.