By Josh Beckerman
Big Lots, which filed for bankruptcy in September and held going-out-of-business sales after an asset purchase deal fell through, said that it reached an agreement with Gordon Brothers Retail Partners that will keep hundreds of stores open and save thousands of jobs.
The transaction will enable the transfer of assets to other retailers and companies. Variety Wholesalers Inc., with more than 400 stores under brands such as Roses, Maxway, and Bill's Dollar Stores, intends to buy between 200 and 400 Big Lots stores and up to two distribution centers. It plans to use the Big Lots brand for the acquired stores.
"In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint," Big Lots said Friday.
Gordon Brothers, in a joint venture with Hilco Consumer - Retail and Tiger Capital Group, began closing sales at all 869 Big Lots locations after Big Lots said Dec. 19 that it didn't expect to complete its previously announced sale to Nexus Capital Management. It said it would still pursue a going-concern transaction with Nexus or another party.
"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 said Friday. A press release didn't state the transaction price.
Earlier in December, Party City filed for its second bankruptcy in less than two years with plans to close its 692 stores.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 27, 2024 16:23 ET (21:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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