The low cost chain Big Lots, which filed for chapter safety in September, has reached a deal that can maintain a whole bunch of its shops and distribution facilities open.
Big Lots mentioned Friday it will likely be offered to Gordon Brothers Retail Partners, a agency that focuses on distressed firms. Gordon Brothers will then switch Big Lots’ shops, distribution facilities and different belongings to different retailers.
Variety Wholesalers Inc., which owns greater than 400 low cost shops within the U.S. Southeast and Mid-Atlantic areas, plans to amass between 200 and 400 Big Lots shops and function them beneath the Big Lots model. Variety Wholesalers will even purchase as much as two distribution facilities.
“This sale settlement and switch current the strongest alternative to protect jobs, maximize worth for the property and guarantee continuity of the Big Lots model,” Big Lots President and CEO Bruce Thorn mentioned in a press release. “We are grateful to our associates nationwide for his or her grit and resilience all through this course of.”
Columbus, Ohio-based Big Lots sells furnishings, dwelling decor and different objects. When it filed for chapter in September, it mentioned inflation and excessive rates of interest brought on shoppers to tug again on their purchases of dwelling and seasonal merchandise, two classes the chain relies on for a big a part of its income.
At the time, Big Lots deliberate to promote its belongings and ongoing enterprise operations to non-public fairness agency Nexus Capital Management.
But on Dec. 20, Big Lots mentioned the cope with Nexus did not materialize. It then partnered with Gordon Brothers to conduct going-out-of-business gross sales at its 869 U.S. places.
