Big 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.
Big Lots announced it will be sold to Gordon Brothers Retail Partners, a firm specializing in distressed companies. Gordon Brothers will transfer Big Lots' stores, distribution centers, and assets to other retailers. Variety Wholesalers Inc., owning over 400 discount stores in the U.S. Southeast and Mid-Atlantic regions, plans to acquire 200 to 400 Big Lots stores and operate them under the Big Lots brand, including up to two distribution centers.
The sale aims to preserve jobs, maximize value for the estate, and ensure the continuity of the Big Lots brand. Big Lots, based in Columbus, Ohio, sells furniture, home decor, and other items. In September, the company filed for bankruptcy, citing inflation and high interest rates that led consumers to reduce purchases of home and seasonal products, crucial categories for Big Lots' revenue. Initially, Big Lots planned to sell its assets and operations to Nexus Capital Management
BANKRUPTCY RETAIL ACQUISITION DISTRIBUTION ECONOMY
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 Reopen Stores After Sale to Gordon BrothersBig Lots, facing closure after filing for bankruptcy, will reopen a portion of its stores thanks to a sale to Gordon Brothers Retail Partners.
Read more »
Big Lots to be Sold to Gordon BrothersBig Lots, a struggling discount retailer, is being sold to Gordon Brothers Retail Partners, which will then transfer its assets to other retailers. Variety Wholesalers is planning to acquire a significant number of Big Lots stores.
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 »
Big Lots to be Sold to Gordon Brothers, Some Stores ReopenBig Lots, facing financial difficulties, will be sold to Gordon Brothers Retail Partners. Variety Wholesalers Inc. will acquire a significant number of Big Lots stores and operate them under the existing brand.
Read more »
Ex-CEO stole $10,000 from Chicago area Big Brothers Big Sisters chapter, police sayThe ex-CEO was indicted for theft after he allegedly stole $10,000 from the organization.
Read more »
Seton Hall creamed by Oklahoma State as Big East loses final Big 12/Big East BattleSeton Hall
Read more »