DELAWARE, Ohio — In a surprising turn of events, Big Lots, the renowned retail chain, may be saved from its financial woes. Last Friday, Big Lots announced a pivotal transaction with Boston-based asset liquidation firm, Gordon Brothers Retail Partners. This agreement entails the transfer of 200 to 400 Big Lots stores to North Carolina-based Variety Wholesalers, Inc., potentially rescuing the retailer from collapse.
Variety Wholesalers, known for its successful operation of over 400 stores in the Mid-Atlantic and Southeast, including chains like Roses, Roses Express, Maxway, Bill’s Dollar Stores, and Bargain Town, plans to continue running the newly acquired stores under the Big Lots brand. This move could safeguard the jobs of many current Big Lots employees and incorporate the retailer’s distribution centers into Variety Wholesalers’ extensive network.
Bruce Thorn, President and CEO of Big Lots, expressed optimism about the deal, stating, “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. 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.”
Rick Edwards, Head of North America Retail at Gordon Brothers, echoed this sentiment, adding, “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.”
Lisa Seigies, President and CEO of Variety Wholesalers, also expressed enthusiasm, saying, “We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”
The agreement awaits approval from the Bankruptcy Court and the fulfillment of other customary closing conditions, but it offers a glimmer of hope for the future of Big Lots and its dedicated workforce.