Big Lots are being pulled back from the brink in a buyout that will save thousands of jobs and keep hundreds of stores open.
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After filing for Chapter 11 bankruptcy, Big Lots has been saved, for now. Gordon Brothers Retail Partners have made a deal to sell off its distribution centers, stores, and intellectual property to retailers.
This will keep at least a few of the stores open, just after they announced their going-out-of-business sale. This came after a proposed purchase agreement with Nexus Capital Management. However, the new proposition is looking good for the outlet and may save many jobs and shopfronts.
Variety Wholesalers Amid Possible Big Lots New Owners
In the deal, brokered by Gordon Brothers Retail Partners, the Big Lots stores will be sold off to multiple new owners. One of these is expected to be by Variety Wholesaler. They look to purchase between 200 and 400 stores from the company as well as two distribution centers.
Now, these stores will continue to operate under the former brand. They will continue to sell all the things we are familiar with. However, It will be owned by a new conglomerate.
Recently, their President and CEO Bruce Thorn spoke about the situation. "The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team. This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate, and ensure the continuity of the Big Lots brand. We are grateful to our associates nationwide for their grit and resilience throughout this process."
These kinds of buyouts are essential for the many companies now filing for Chapter 11 bankruptcy. The transfer of assets can pull businesses back from the brink. In these cases, all assets, including distribution, intellectual property, and stores are transferred. However, in a takeover like this, the staff aren't always also taken on board. That will, of course, be up to the new owners.
But, whether the higher-ups in the Big Lots stores will be onboarded is up to Variety.
