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Some Big Lots stores will remain open if bankruptcy court approves deal with new buyer
National retailer Big Lots, which is based in Columbus, Ohio, announced this week that it has found a buyer that will keep at least 200 stores open, while also possibly keeping some staff intact. Earlier this month, Big Lots announced that it would begin holding Going Out of Business (GOB) sales at all of its remaining stores after failing to reach a purchase agreement with Nexus Capital Management. Now, the discount retailer has reached a deal with Gordon Brother Retail Partners, LLC, which enables the transfer of Big Lots’ assets,...
Ticker: Big Lots makes deal to stay open; FDA wants better cosmetics testing
The discount chain Big Lots, which filed for bankruptcy protection in September, has reached a deal that will keep hundreds of its stores and distribution centers open. Big Lots said it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers and other assets to other retailers. “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,” Big Lots President...
Big Lots saves thousands of jobs in nationwide store rescue
Ohio-based discount chain Big Lots announced a new deal with private equity firm Gordon Brothers Retail Partners on Friday that would save hundreds of stores and thousands of jobs nationwide after filing for Chapter 11 bankruptcy in September. The latest agreement enables Variety Wholesalers to acquire between 200 and 400 Big Lots locations and up to two distribution centers, just weeks after the discount retailer had prepared to shutter all 963 remaining stores. The stores will continue operating under the Big Lots brand, maintaining the company's 37-year retail presence across...
Big Lots saves 200-400 stores in deal with Roses, Maxway parent company
Big Lots announced a deal to save some stores on Dec. 27, 2024. Photo: Eric Thayer/Bloomberg via Getty Images Bankrupt retailer Big Lots said Friday it struck an 11th-hour deal to save hundreds of its stores via a sale to Gordon Brothers and Variety Wholesalers. Why it matters: The Columbus, Ohio-based company had about 27,700 employees and more than 1,300 stores in 48 states when it filed for Chapter 11 bankruptcy protection in September. • Last Friday, the company said its restructuring plans had collapsed and it would have to...