Big Lots Inc., a discount retailer, will be sold to Gordon Brothers Retail Partners, a firm specializing in distressed companies. Variety Wholesalers Inc. plans to acquire a significant number of Big Lots stores and operate them under the Big Lots brand.
Big Lots has reached a deal to keep hundreds of its stores and distribution centers open after filing for bankruptcy in September. The struggling retailer will be sold to Gordon Brothers Retail Partners, a firm specializing in distressed companies. Gordon Brothers will then transfer Big Lots ' assets to other retailers. Variety Wholesalers Inc., which owns over 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.' Big Lots, based in Columbus, Ohio, sells furniture, home decor and other items. When it filed for bankruptcy in September, it cited inflation and high interest rates as reasons for decreased consumer spending on home and seasonal products, two key categories for the chain's revenue. Initially, Big Lots planned to sell its assets and operations to private equity firm Nexus Capital Management, but that deal fell through. It then partnered with Gordon Brothers to find a solution
Big Lots Bankruptcy Retail Gordon Brothers Variety Wholesalers
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