Big Lots Strikes Deal to Save Up to 400 Stores in Bankruptcy Turnaround

The discount retailer's agreement with Gordon Brothers and Variety Wholesalers could preserve thousands of jobs and keep the Big Lots brand alive.

Big Lots has reached a $496 million deal with Gordon Brothers Retail Partners to transfer assets, including 200 to 400 stores, to Variety Wholesalers.
The agreement, still pending bankruptcy court approval, aims to preserve thousands of jobs across stores, distribution centers, and some corporate roles.
Variety Wholesalers plans to operate the acquired stores under the Big Lots brand and may retain current Big Lots employees.
The deal follows the collapse of an earlier agreement with Nexus Capital Management, which led Big Lots to announce plans to close all stores earlier this month.
Big Lots had filed for Chapter 11 bankruptcy in September after years of declining sales, with plans to sell its assets to maximize value and ensure the brand's continuity.