Big Lots Bankruptcy Deal Saves Up to 400 Stores and Thousands of Jobs

Variety Wholesalers acquires a significant portion of Big Lots' assets after a turbulent year of closures, layoffs, and financial struggles.

A bankruptcy court approved the sale of 200 to 400 Big Lots stores and up to two distribution centers to Variety Wholesalers, preserving 5,000 to 10,000 jobs.
The deal follows the collapse of a previous $760 million agreement with Nexus Capital Management, which left Big Lots on the brink of liquidation.
Big Lots has already closed hundreds of stores and distribution centers, with nearly 2,000 layoffs planned at its remaining facilities and headquarters by April 2025.
Industry experts highlight Big Lots' struggles with unclear branding, over-reliance on furniture, and challenges competing with discount giants like Walmart and Dollar General.
Under its new ownership, Big Lots faces pressure to refine its merchandise strategy, improve real estate positioning, and modernize its digital and in-store customer experiences.