Big Lots finalized a deal that preserved the brand name and prevented the discount retail chain from entirely going under.
Ohio-based Big Lots announced it filed for Chapter 11 bankruptcy earlier this year, citing economic pressures. The company tried to sell its business to Nexus Capital Management but failed to strike a deal. On Dec. 27, Big Lots announced a sales transaction with Gordon Brothers Retail Partners.
As part of the agreement, North Carolina-based Variety Wholesalers will acquire around 200 to 400 Big Lots stores “which it plans to operate under the Big Lots brand.”
Variety, which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States, may also “employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates.”…