UPDATE TO Big Lots To Launch ‘Going Out Of Business’ Sales As Closure Looms
PRINCE FREDERICK, Md. — Big Lots, Inc. has announced a sale agreement with Gordon Brothers Retail Partners, LLC, facilitating the transfer of its assets, including stores, distribution centers, and intellectual property, to other retailers and companies. Among the entities acquiring assets is Variety Wholesalers, Inc., which operates more than 400 stores in the Southeast and Mid-Atlantic regions under brands such as Roses, Maxway, and Super Dollar.
Variety Wholesalers plans to acquire between 200 and 400 Big Lots locations and up to two distribution centers. These stores will continue to operate under the Big Lots brand. Additionally, Variety Wholesalers may hire Big Lots associates from the affected stores and distribution centers, along with certain corporate staff to support operations.
“The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team,” said Bruce Thorn, President and CEO of Big Lots. “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. We are grateful to our associates nationwide for their grit and resilience throughout this process.”
Rick Edwards, Head of North America Retail for Gordon Brothers Retail Partners, highlighted the positive outlook for the deal. “We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience,” he said.
Variety Wholesalers’ President and CEO Lisa Seigies expressed enthusiasm about the acquisition. “We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores,” she said. “We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”
The agreement remains subject to approval by the Bankruptcy Court and other customary closing conditions.
Contact our news desk at news@thebaynet.com
