#United States #Big Lots #Columbus #Variety Wholesalers #Gordon Brothers

Big Lots Closes Sale to Gordon Brothers Retail Partners

In a significant move for the retail landscape, Big Lots, Inc. has successfully concluded its previously announced divestiture to Gordon Brothers Retail Partners, LLC. This strategic transaction is not just a business exchange; it represents a crucial step in preserving thousands of jobs and maintaining the integrity of the Big Lots brand.

Details of the Transaction

As part of the agreement, Variety Wholesalers, Inc. plans to acquire between 200 and 400 Big Lots stores, with the intention of continuing operations under the well-known Big Lots brand. Additionally, the deal includes the potential acquisition of up to two distribution centers. This transition is set to ensure that existing employees at the acquired stores and distribution centers have opportunities for continued employment, which is a vital aspect of this agreement. The smooth transition is a high priority for all parties involved.

Brazil Thorn, President and CEO of Big Lots, expressed satisfaction with the closure of the sale, viewing it as a key part of the company's strategy to maximize value and safeguard jobs. He stated, "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." Thorn emphasized the ongoing collaboration between the teams at Gordon Brothers and Variety Wholesalers throughout this transition.

Kyle Shonak, the Chief Transaction Officer at Gordon Brothers, echoed Thorn’s sentiments, highlighting the importance of supporting Big Lots throughout the restructuring process. He stated, "We were proud to support Big Lots through the restructuring process to enable the Company’s continued operation."

Variety Wholesalers' Enthusiasm

Variety Wholesalers' President and CEO, Lisa Seigies, shared the excitement surrounding the acquisition. She remarked, "Variety is thrilled to officially welcome the Big Lots brand and looks forward to operating hundreds of Big Lots store locations." Seigies also mentioned the company's innovative approach to combining the strengths of both Variety Wholesalers and Big Lots, promising to enhance service offerings to customers and communities alike.

Implications for the Future

This transaction marks a pivotal moment for Big Lots as it navigates through restructuring while simultaneously aiming to thrive in the retail market. The ability to maintain the brand's identity, coupled with the commitment to keep employees on board, bodes well for the existing customer base and new shoppers alike. The CEO of Big Lots hinted at a bright future, reassuring stakeholders that the company's mission to provide value and a plethora of choices for home goods remains unaltered.

The integration process will be handled with care, seeking to minimize disruptions and maximize operational efficiency in the stores and distribution centers.

Conclusion

In conclusion, the closure of the sale between Big Lots and Gordon Brothers not only safeguards the future of the Big Lots brand but also stands as a testament to the resilience and adaptability of retail businesses in today's evolving marketplace. The collaboration of multiple stakeholders is set to ensure that Big Lots continues to thrive, delivering extreme value to customers and maintaining its commitment to the community.

For additional information regarding legal proceedings related to Big Lots and how to file claims, stakeholders can access a separate website administered by the Company's claims agent. Big Lots remains committed to transparency and customer service even in this transitional phase.