Big Lots Locations to Remain Open After Agreement Reached

The entrance to a Big Lots store.

Despite dissolving amid Chapter 11 bankruptcy proceedings, Big Lots has agreed to a sale with Gordon Brothers Retail Partners that would keep hundreds of stores open if the deal is approved by a judge. This agreement comes after a possible deal to sell the company to Nexus Capital Management fell through, prompting the company to launch "going out of business" sales at all of its locations.Big Lots has already closed hundreds of locations this year, but it still has more than 900 locations remaining. No timetable has been set on when the other locations will close.As part of the agreement, Gordon Brothers Retail Partners will transfer Big Lots assets, including stores, distribution centers, and intellectual property, to other retailers and companies. Variety Wholesalers, which also operates the retailer Roses, intends to acquire between 200 and 400 Big Lots stores. Variety Wholesalers plans to operate the stores under the Big Lots brand moving forward."The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team," said Bruce Thorn, Big Lots' President. "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. We are grateful to our associates nationwide for their grit and resilience throughout this process."A federal bankruptcy court still has to approve the transfer of stores.