Big Lots, the struggling discount retailer, has reached an agreement to be acquired by Variety Wholesalers Inc. This deal will see between 200 and 400 Big Lots stores continue operating under the Big Lots brand, averting a complete liquidation. Variety Wholesalers will also acquire up to two distribution centers. Previously, Big Lots had planned to sell its assets to Nexus Capital Management but that deal fell through. The retailer ultimately partnered with Gordon Brothers to conduct going-out-of-business sales.
Variety Wholesalers Inc. plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand.which filed for bankruptcy protection in September, has reached a deal 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 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.
“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.
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.
Big Lots Acquisition Bankruptcy Retail Variety Wholesalers
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big Lots to Sell Assets to Variety Wholesalers in BankruptcyBig Lots has agreed to sell its stores, distribution centers, and intellectual property to Variety Wholesalers in an attempt to maintain its brand and secure jobs. Variety Wholesalers plans to acquire 200 to 400 Big Lots stores and two distribution centers, retaining the associates under the Big Lots brand.
Read more »
Big Lots Sells Assets to Variety WholesalersBig Lots is transferring its assets to Variety Wholesalers, which will acquire between 200 and 400 Big Lots stores and potentially retain some employees. This sale represents a significant portion of Big Lots' remaining retail footprint after closing over 500 locations in the past year.
Read more »
Big Lots to be Sold to Gordon Brothers, Variety Wholesalers to Acquire StoresBig Lots, facing bankruptcy due to economic pressures, will be sold to Gordon Brothers Retail Partners, who will transfer its assets to various retailers. Variety Wholesalers Inc. plans to acquire a significant number of Big Lots stores and continue operating under the existing brand.
Read more »
Variety Wholesalers to Acquire Hundreds of Big Lots StoresBig Lots, which filed for bankruptcy in September, reached a deal with Gordon Brothers Retail Partners to sell its assets. Variety Wholesalers Inc. plans to acquire 200 to 400 Big Lots stores and operate them under the Big Lots brand. This acquisition aims to preserve jobs, maximize value for the estate, and ensure the continuity of the Big Lots brand.
Read more »
Big Lots to be Sold to Gordon Brothers, Hundreds of Stores to Remain OpenBig Lots, a furniture and home decor retailer, has reached a deal to be sold to Gordon Brothers Retail Partners. The sale will see Big Lots' stores, distribution centers, and other assets transferred to various retailers. Variety Wholesalers Inc. plans to acquire 200-400 Big Lots stores and operate them under the Big Lots brand. This agreement aims to preserve jobs, maximize value for the estate, and ensure the continuity of the Big Lots brand.
Read more »
Big Lots Sold to Gordon Brothers, Hundreds of Stores to Remain OpenDiscount chain Big Lots has reached a deal to be sold to Gordon Brothers Retail Partners, a firm specializing in distressed companies. Gordon Brothers will transfer Big Lots' assets to other retailers, with Variety Wholesalers Inc. acquiring 200-400 stores and operating them under the Big Lots brand. This sale aims to preserve jobs, maximize value, and ensure the continuity of the Big Lots brand.
Read more »