Big Lots, a U.S. home goods retailer that filed for bankruptcy last year, received court approval to proceed with a last-minute sale. This move allows 200 to 400 of its stores to remain operational under new ownership while retaining the Big Lots brand name. Initially, Big Lots sought to sell its business to private equity firm Nexus Capital, but the deal collapsed in early December, leading the company to prepare for potential closure of its remaining 900 stores.
Recently, Big Lots reached an agreement with Gordon Brothers Retail Partners to sell its stores, distribution centers, and intellectual property to a group of retailers, including Variety Wholesalers. This agreement aims to preserve the brand and maintain some stores and jobs. As part of the deal, Variety Wholesalers will acquire 200 to 400 Big Lots stores and two distribution centers, retaining the existing store employees.
