Big Lots Inc. has entered into a definitive agreement with Gordon Brothers Retail Partners, LLC for the divestiture of several of its assets, comprising stores, distribution centers, and intellectual property, to a range of retailers and companies. Among the prominent acquirers is Variety Wholesalers, Inc., which manages over 400 retail outlets across the Southeastern and Mid-Atlantic United States under various brand names. They plan to purchase between 200 and 400 Big Lots stores, with intentions to keep these outlets operating under the Big Lots brand, and may also acquire up to two distribution centers.
Variety Wholesalers also aims to onboard the existing Big Lots staff from the acquired stores and distribution centers, along with certain corporate personnel, to bolster their forthcoming operations.
This transaction is contingent upon the endorsement of the Bankruptcy Court and compliance with other standard closing conditions.