UPDATE: Big Lots has reached a deal that will keep 200-400 of its stores open.
As CNN reported, it has “agreed to a sale transaction with an investment firm, allowing hundreds of stores to stay open by transferring its property to other retailers and companies.”
The deal is with with Gordon Brothers Retail Partners, “which will facilitate the transfer of its brand, stores and distribution centers.” Also, Variety Wholesalers, which owns stores like Roses and Maxway, “will acquire between 200 and 400 Big Lots stores and up to two distribution centers, according to Big Lots’ news release.”
This may also allow the opportunity for some employees to remain with the company, as Variety Wholesalers says that it may deployed “Big Lots staff at the stores and distribution centers, as well as some corporate associates.”
Previously reported:
Big Lots, the discount retail chain known for affordable household items, announced Thursday that it will close all remaining locations nationwide with “going out of business” sales.
“In parallel with these efforts, the Company is preparing to commence going out of business (“GOB”) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate,” according to a news release. “The Company believes that the GOB sales will not preclude it from effectuating a going concern transaction.”
Big Lots prepares to close all locations
The news comes months after Big Lots filed Chapter 11 bankruptcy protection in September as part of a sales agreement with Nexus Capital Management LP, which agreed to acquire all the retailer’s and ongoing business operations, per a news release. The company continued serving its customers in person at stores and online.
Big Lots’ CEO speaks out
“We all have worked extremely hard and have taken every step to complete a going concern sale. While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process,” Big Lots President and CEO Bruce Thorn said in a news release statement.
USA Today reported that Big Lots had closed more than 400 store locations in 2024. The remaining ones will hold the “going out of business” sales, allowing customers to take full advantage of all reduced-priced items.
How many Big Lots locations remain open?
Since its asset purchase agreement with Nexus seems unlikely, the company hopes to complete an alternative going concern transaction with Nexus or another party, per the news release. Big Lots aims to complete the sale by early January.
As of Friday, 960 Big Lots locations remain open nationwide. The complete list is available at local.biglots.com.
