1433 ET - Gordon Brothers paid over $400 million to acquire discount retail chain Big Lots, the liquidation firm says. Overall, the parties involved were happy with the deal, as they had to move quickly in order to have a going concern sale that avoided layoffs, Gordon Brothers Chief Transaction Officer Kyle Shonak tells WSJ. The deal was a combination of some expenses that Gordon Brothers committed to paying in addition to cash that it paid upfront, Shonak says. Gordon Brothers is now in the process of selling Big Lots' inventory at a discount and closing the stores that Variety Wholesalers won't be acquiring by the end of March. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
January 09, 2025 14:33 ET (19:33 GMT)
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