Big Lots may not be closing all its locations after all. Here’s what we know.
Just a week after announcing the closure of all Big Lots stores, the company has revealed that 200 to 400 locations could potentially be saved due to a last-minute sale.
Variety Wholesalers, Inc. is in talks to take over some of these Big Lots stores, a company that currently owns and operates various stores such as Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town in the southeast and Mid-Atlantic regions, as per a press release from Big Lots.
If the sale is approved by the bankruptcy court, the Big Lots brand will be retained, and numerous employees at the stores and possibly two distribution centers will have the opportunity to retain their positions.
“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 Bruce Thorn president and CEO of Big Lots. “We are grateful to our associates nationwide for their grit and resilience throughout this process.”
Gordon Brothers Retail Partners, LLC is handling the sale. In a Friday press release, the company said Variety Wholesalers is one of the retailers part of the deal. It’s unclear what other retailers may be involved in the deal, or how many locations they would keep.
The company currently owns 963 locations in the U.S., but closed more than 400 stores in 2024, a significant cut as Big Lots tried to find a buyer after filing for Chapter 11 bankruptcy protection in September.
Big Lots, which mostly sells furniture, home decor and some other items, previously said high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue.
It’s unclear at this time where the locations would remain open if the deal is approved.
