Dec 27, 2024 - Business

Big Lots averts full liquidation, strikes deal to save 200-400 stores

A Big Lots store with a large "Closing" sign posted outside. — Big Lots announced a deal to save some stores on Dec. 27, 2024. Photo: Eric Thayer/Bloomberg via Getty Images

Bankrupt retailer Big Lots said Friday it struck an 11th-hour deal to save hundreds of its stores via a sale to Gordon Brothers and Variety Wholesalers.

Why it matters: The Columbus, Ohio-based company had about 27,700 employees and more than 1,300 stores in 48 states when it filed for Chapter 11 bankruptcy protection in September.

Last Friday, the company said its restructuring plans had collapsed and it would have to liquidate all its stores.

Zoom out: Big Lots said Variety Wholesalers would take over somewhere between 200 and 400 locations, which will keep the Big Lots name; and up to two distribution centers.

Variety operates chains including Roses, Maxway and Bargain Town.

Yes, but: The deal that saves stores gives no guarantee on jobs.

In a statement, Big Lots said Variety "may" employ current associates at the saved facilities.
The deal still has to be approved by the bankruptcy court.

Add Axios on Google

Big Lots averts full liquidation, strikes deal to save 200-400 stores

What to read next