Big Lots Secures Deal to Keep Hundreds of Stores Open

The bankrupt retailer partners with Gordon Brothers and Variety Wholesalers to save jobs and maintain its brand presence.

Big Lots has reached an agreement with Gordon Brothers Retail Partners to transfer assets to Variety Wholesalers, preserving up to 400 stores and two distribution centers.
The deal follows the collapse of a previous sale to Nexus Capital Management and requires approval from the bankruptcy court.
Variety Wholesalers plans to operate the acquired locations under the Big Lots brand and may employ existing store, distribution, and corporate staff.
The agreement is expected to save thousands of jobs nationwide after Big Lots initially prepared to close all 963 remaining stores.
Big Lots filed for bankruptcy in September, citing financial struggles due to inflation, high interest rates, and declining consumer spending.