Rescue in Sight: Big Lots Secures Continuity of Hundreds of Stores

The retail company Big Lots, which filed for bankruptcy in September, was able to reach an agreement ensuring the operation of several hundred of its stores. The partnership was entered into with the Boston-based company Gordon Brothers Retail Partners, which specializes in asset liquidation, and entails transferring up to 400 stores to Variety Wholesalers. Variety Wholesalers, based in Hendersonville, North Carolina, already operates over 400 stores in the mid-Atlantic and southeastern United States, including brands such as Roses, Roses Express, Maxway, Bill's Dollar Stores, and Bargain Town. In the future, Variety Wholesalers plans to continue operating the acquired Big Lots stores under the well-known brand name and retain current Big Lots employees whenever possible. Also under discussion is the acquisition of one or two Big Lots distribution centers as part of the deal. The sale includes the transfer of Big Lots assets, including the stores, distribution centers, and intellectual property. However, the agreement still requires the approval of the bankruptcy court. Big Lots CEO Bruce Thorn highlights the significance of this transaction: "The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a significant success for Big Lots and underscores the tireless work of our team. This agreement offers the best chance to secure jobs, maximize the value of our company, and ensure the continuity of the Big Lots brand. Our thanks go out to our employees nationwide for their commitment and resilience during this process." Meanwhile, earlier this year, Big Lots offered discounts at its only location in Stockton, 2720 Country Club Blvd., before the store eventually closed. Other locations that were scheduled to close next year in San Joaquin County include Manteca and Tracy. Which stores will ultimately remain open is currently still uncertain.