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Big Lots Strikes Deal with Gordon Brothers Retail Partners to Save Up to 400 Stores, Brand IP

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[Update as of Dec. 30, 2024] Following the failure of a planned sale to private equity firm Nexus Capital Management earlier this month, Big Lots has agreed to a sale transaction with Gordon Brothers Retail Partners that will enable the transfer of Big Lots assets, including stores, DCs and intellectual property, to other retailers, including Variety Wholesalers.  

Variety Wholesalers, which operates more than 400 retail stores in the Southeast and Mid-Atlantic states under banners including Roses, Roses Express, Maxway, Bill’s Dollar Stores and Bargain Town, intends to acquire 200 to 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, along with up to two Big Lots DCs.

“The strategic sales 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 in a statement. “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.”

The agreement is subject to approval by the bankruptcy court and other customary closing conditions.

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Original story from Dec. 23, 2024 begins-

Closeout retailer Big Lots has initiated going of out business sales at its remaining stores following the news that a planned sale to Nexus Capital Management has fallen through. The troubled retailer is still pursuing an alternative “going concern transaction with Nexus or another party,” with the goal of completing a sale by early next month.

Big Lots currently operates 960 stores, according to its website, and will continue to serve customers both in-store and online. In September 2024, the retailer had operated nearly 1,400 stores in 48 states, but Big Lots has been closing locations as it struggled to overcome its financial woes.

“We all have worked extremely hard and have taken every step to complete a going concern sale,” said Bruce Thorn, President and CEO of Big Lots in a statement. “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 [going out of business] process.”

Big Lots received court approval for its sale to Nexus Capital Management in November 2024 following its voluntary bankruptcy filing, designed to streamline the transaction, in September.

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