#Big Lots #Variety Wholesalers #Gordon Brothers

Big Lots Forms Strategic Partnership

In a bid to stabilize its operations and ensure the survival of its brand, Big Lots, Inc. has entered a strategic sale agreement with Gordon Brothers Retail Partners, LLC. This decisive move will see the transfer of Big Lots’ assets, including stores and distribution centers, to a reliable partner, thereby securing jobs for thousands of employees.

The announcement made from Columbus, Ohio, is set against the backdrop of ongoing challenges in the retail sector, where many companies are grappling with financial difficulties. Big Lots is taking proactive steps to navigate these turbulent waters effectively. With this agreement, they aim to consummate a transfer of assets not only with Gordon Brothers but also with Variety Wholesalers, Inc. This company operates over 400 stores across the Southeastern and Mid-Atlantic regions under various familiar banners including Roses, Maxway, and Super Dollar.

Store Acquisition and Job Retention

The deal is structured such that Variety Wholesalers is expected to acquire between 200 to 400 Big Lots stores, which will continue to operate under the Big Lots banner. This acquisition might also include up to two distribution centers, ensuring that the operational backbone of Big Lots remains intact.

Most importantly, the agreement aims to retain Big Lots associates, allowing them to work in the acquired stores and distribution centers. There is a commitment to integrate certain corporate staff members crucial for the ongoing operations to maintain the legacy of Big Lots.

Bruce Thorn, Big Lots’ President and CEO, expressed optimism regarding this agreement, describing it as a significant achievement that underscores the dedication of the employees. He was quoted saying, "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." Such sentiments resonate with the company's ongoing commitment to its workforce amidst financial restructuring.

Partnering for Success

Rick Edwards, representing Gordon Brothers, also shared a positive outlook on the agreement. He remarked, "We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward.