Big 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.
Big Lots said Friday that it has agreed with Gordon Brothers Retail Partners to sell its stores, distribution centers and intellectual property to retailers, including Variety Wholesalers, in an attempt to maintain its brand and secure some outlets and jobs.
The privately-owned Variety Wholesalers plans to acquire 200 to 400 Big Lot stores, two distribution centers, and would retain the associates, operating under the Big Lots brand, the discount home goods retailer said.Ohio-based Big Lots, which initiated bankruptcy proceedings under Chapter 11, has plans to shutter about 20% of its around 1,400 outlets across the US.
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BANKRUPTCY RETAIL BIG LOTS VARIETY WHOLESALERS JOB SECURITY
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