In a move to keep the Big Lots banner waving, the bankrupt off-price retailer announced it closed the company’s previously announced sale agreement with Gordon Brothers Retail Partners that will enable Variety Wholesalers to acquire between 200 and 400 Big Lots stores.
Plans call for the stores to continue operating as Big Lots. The deal also includes up to two distribution centers.
In announcing the closing, Bruce Thorn, Big Lots’ president and CEO said, “We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value and maintain the Big Lots brand. We are working closely with the Gordon Brothers and Variety Wholesalers teams on this transition.”
Lisa Seigies, Variety Wholesalers president and CEO, added, “Variety is thrilled to officially welcome the Big Lots brand and looks forward to operating hundreds of Big Lots store locations. This strategic acquisition allows us to serve additional customers and communities. We plan to combine the best of Variety with the best of Big Lots and are excited about the possibilities ahead.”
