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The discount retail chain says it's entered a strategic agreement with Gordon Brothers Retail Partners and Variety Wholesalers to preserve the brand, save thousands of jobs, and keep hundreds of stores open.
Variety Wholesalers, known for its portfolio of retail brands, plans to acquire between 200 and 400 Big Lots locations, along with up to two distribution centers. There are about 1,400 Big Lots stores nationwide.
The transition ensures Big Lots can transfer key assets and maintain continuity of its brand.
Specific locations of the stores set to be acquired by Variety Wholesalers have not yet been announced.
Variety Wholesalers intends to retain Big Lots associates at the acquired stores and distribution centers, safeguarding jobs during the transition.
Big Lots faced financial struggles amid inflationary pressures and changing customer spending habits.
The company is optimistic that this agreement represents the best path forward to secure jobs and sustain the brand.
“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, Big Lots’ President and CEO.
Thorn emphasized that the agreement “presents 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.”
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