Big Lots gets lifeline to possibly keep some stores open
The store on Atlanta Highway in Montgomery is one of three Big Lots in the area. — Photo from WAKA Action 8 News
The discount chain Big Lots says it has reached a deal that will keep hundreds of its stores open.
Big Lots said it will be sold to Gordon Brothers Retail Partners, which specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores to other retailers.
The transfer of Big Lots assets, including stores, distribution centers and intellectual property, to other retailers and companies, will include Variety Wholesalers, Inc., which owns more than 400 stores in the Southeast and Mid-Atlantic states
under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar and Bargain Town banners.
Big Lots says Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates.
Big Lots filed for bankruptcy protection in September, saying inflation and high interest rates had cut back on consumer demand for its furniture and other products. At that time, it said it was closing more than 300 of its 1,400 stores nationwide.
When it announced its going out of business sale earlier this month, the company had dropped below 1,000 stores.
Big Lots has stores in Montgomery, Andalusia and Auburn. It is not known if those stores will be among the 200-400 that are scheduled to stay open.
READ: Big Lots News Release on Future
(Copyright 2024 The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
