Big Lots (BIG) Agrees to Sale, Averting Store Closures

Big Lots (BIG, Financial), the American discount retail chain that filed for bankruptcy in September 2024, announced a sale agreement with Gordon Brothers Retail Partners. This deal allows hundreds of Big Lots stores to remain operational by transferring assets to other retailers and companies. The Ohio-based company had been preparing to close its remaining 963 stores after a failed acquisition by Nexus Capital Management.

Variety Wholesalers, which owns over 400 retail stores, will acquire up to 400 Big Lots stores and up to two distribution centers. This agreement could prevent thousands of job losses, as Variety Wholesalers may hire Big Lots employees from stores, distribution centers, and some corporate positions.

While the exact number of retained employees is unclear, layoff notices indicate that up to 555 corporate employees and an additional 505 in Pennsylvania face unemployment risks. Big Lots attributes its financial struggles to high inflation and interest rates, as consumers prioritize value over low-cost options.

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