Some Big Lots Stores to Stay Open

Big Lots Inc. (Columbus, Ohio) will live on. The closeout retailer has entered a two-step deal with Gordon Brothers Retail Partners LLC (Boston) that transfers Big Lots assets, including stores, distribution centers and intellectual property to other retailers and companies, including Variety Wholesalers Inc. (Henderson, N.C.), which owns more than 400 retail stores.

The news came just over a week after bankrupt Big Lots said it was closing all 950 of its remaining stores.

Variety Wholesalers said it intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers. Variety Wholesalers operates stores under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town banners, mostly in the Southeast and Mid-Atlantic U.S.

“This sale agreement and transfer present the strongest opportunity to preserve jobs, maximize value for the estate and ensure continuity of the Big Lots brand,” said Big Lots President and CEO Bruce Thorn.

Said Rick Edwards, Gordon Brothers Retail Partners’ Head of North America Retail: “We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience.”

Said Lisa Seigies, Variety Wholesalers’ President and CEO, “We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of it stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”

The agreement is subject to approval by the bankruptcy court and other customary closing conditions.