Big Lots has entered into a sale agreement with Gordon Brothers Retail Partners, allowing it to preserve hundreds of stores and distribution centers while maintaining the Big Lots brand.
Bruce Thorn, Big Lots President and CEO, emphasized that the deal provides the best chance to sustain jobs, maximize estate value, and preserve brand continuity.
Despite filing for bankruptcy due to inflation and high interest rates impacting sales, Big Lots' restructuring involves collaboration with Variety Wholesalers to ensure ongoing operations.
Initial plans to sell to Nexus Capital Management fell through, leading Big Lots to partner with Gordon Brothers for a more favorable path to preserve operations.
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