Just days after announcing a round of store closings, including the ones in Gainesville, Buford, Cornelia, and Cumming, Big Lots has reached a deal that will keep hundreds of its stores and distribution centers open.
The discount chain says it is being sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers and other assets to other retailers.
Variety Wholesalers Inc., which owns more than 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.”
Ten days ago, Big Lots, which filed for bankruptcy protection in September, said a deal with a buyer who would keep the stores open did not materialize. It then partnered with Gordon Brothers to conduct going-out-of-business sales at its 869 U.S. locations.
EARLIER STORY. POSTED DEC. 20: Big Lots closing all remaining stores