Big Lots, the discount chain that filed for bankruptcy in September, will close its remaining 963 locations after an acquisition deal with private-equity firm Nexus Capital Management fell apart. A new deal with Gordon Brothers Retail Partners will facilitate the transfer of its brand, stores, and distribution centers. Variety Wholesalers, which owns over 400 retail stores, will acquire between 200 and 400 Big Lots stores and up to two distribution centers. The deal could prevent thousands of Big Lots employees from being laid off, as Variety Wholesalers may employ some Big Lots staff at the acquired stores and distribution centers.
Big Lots is preparing to close its remaining 963 locations after a sale to save the bankrupt retailer fell through.
after an acquisition by private-equity firm Nexus Capital Management fell through. Big Lots' new deal is with Gordon Brothers Retail Partners, which will facilitate the transfer of its brand, stores and distribution centers. Big Lots' new deal could prevent thousands of its employees from being laid off. Variety Wholesalers said it may employ Big Lots staff at the stores and distribution centers, as well as some corporate associates.
It's unclear how many Big Lots employees could remain but up to 555 corporate employees were at risk of losing their job, according to a layoff notice. Another 505 employees were at risk in Pennsylvania beginning January 6, according to another notice filed by the company.
Bankruptcy Retail Acquisition Layoffs Big Lots
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 Finds Buyer in Variety Wholesalers, Avoiding Full LiquidationBig 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.
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 »