Discount retailer Big Lots has announced a two-phase deal which for consumers will mean 200 to 400 of the store locations will remain open as Big Lots. Final store counts and exact locations are still being worked out… so we do not know if any South Jersey Big Lots stores will remain open.
The main deal for Big Lots is that Gordon Brothers Retail Partners is purchasing all of the Big Lots assets including stores, distribution centers and intellectual property.
The twist is Gordon Brothers will not be operating the stores, and instead will be looking for buyers of the Big Lots assets. While this may sound ominous for the Big Lots brand, the very first deal is positioned to “save” as many store locations as possible, as well as associated jobs needed for those stores and distribution channels.
Discount retailer Variety Wholesalers who has over 400 stores of their own in southeast and Mid-Atlantic United States… has agreed to acquire between 200 and 400 of the Big Lots store locations and continue to operate them as Big Lots.
As a discount retailer, Variety Wholesalers should be a well-suited match for the Big Lots locations. The stores they are acquiring will continue to operate as Big Lots, becoming an additional brand for the company which also operates under Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town banners.
To support the newly acquired locations Variety Wholesalers will also be acquiring up to two of the Big Lots distribution centers.
Variety Wholesalers is expected to retain employees necessary to operate the acquired stores, distribution facilities and also some corporate level staff who would be needed to support the go-forward aspects of the new Big Lots.
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. We are grateful to our associates nationwide for their grit and resilience throughout this process.”
Bruce Thorn, Big Lots’ President and Chief Executive Officer,
These deals still need to be approved by the bankruptcy court another closing conditions.
This progression through bankruptcy and restructuring has evolved over the last few months, with Big Lots having already closed more than 400 locations.
Through this past fall Big Lots had been working on a deal to sell their assets to Nexus Capital Management.
It was then reported just a week ago that Big Lots announced they were unable to come to terms on that Nexus Capital Deal, and they were starting the Going Out Of Business sales at their 950+ locations.
This then led to the deal with Gordon Brothers Retail Partners and Variety Wholesalers.
Locally the Big Lots location page lists 18 locations in New Jersey, with stores in our area still open in Sicklerville, Lumberton, Millville, West Deptford as well as Somers Point, Cape May, and Cape May Court House.