Big Lots Announces Sale of Assets to Preserve Brand and Jobs:

COLUMBUS, OHIO — Big Lots, the discount home goods retailer, announced on Friday a significant restructuring move aimed at preserving its brand and securing jobs. The company has entered into an agreement with Gordon Brothers Retail Partners to sell off a substantial portion of its assets, including stores, distribution centers, and intellectual property, to various retailers, with Variety Wholesalers leading the acquisition.

Under the terms of the deal, Variety Wholesalers, a privately-owned company, will take over between 200 to 400 Big Lots stores along with two distribution centers. Importantly, the associates at these locations will be retained, continuing to operate under the Big Lots brand name.

This move comes as Big Lots navigates through Chapter 11 bankruptcy proceedings. The Columbus-based retailer, which operates approximately 1,400 stores nationwide, plans to close about 20% of its outlets. The company had previously secured a $707.5 million financing deal in September to support operations and facilitate the sale to private equity firm Nexus Capital.

Bruce Thorn, CEO of Big Lots, stated, “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.” This strategic sale is seen as a pivotal step towards stabilizing the company amidst financial restructuring.