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Big
Lots said Friday it will be sold to Gordon Brothers Retail
Partners, a firm that specializes 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. 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.”
Columbus, Ohio-based Big Lots sells furniture, home decor and
other items. When it filed for bankruptcy in September, it said
inflation and high interest rates caused consumers to pull back
on their purchases of home and seasonal products, two categories
the chain depends on for a significant part of its revenue.
At the time, Big Lots planned to sell its assets and ongoing
business operations to private equity firm Nexus Capital
Management.
But on Dec. 20, Big Lots said the deal with Nexus didn't
materialize. It then partnered with Gordon Brothers to conduct
going-out-of-business sales at its 869 U.S. locations.
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