Overview

• 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.