Adrian, MI – Big Lots will no longer be closing all remaining stores after agreeing to a sale this week. The national retailer announced on Friday that it struck a deal that will save hundreds of stores, thousands of jobs and keep the brand alive.
Under the agreement, Big Lots will transfer assets through Gordon Brothers Retail Partners, LLC, including stores, distribution centers and intellectual properties, to other retailers including Variety Wholesalers, Inc.
Variety Wholesalers, another national retailer, plans to acquire between 200 and 400 Big Lots stores and up to two distribution centers, operating them under the Big Lots brand.
The news comes after Big Lots filed for Chapter 11 bankruptcy in September, and an announcement last week of plans to close its remaining 900 stores after a sale to Nexus Capital Management fell through.
Facing bankruptcy, Big Lots already closed 300 stores across the country, including 11 in Michigan. There are currently 30 Big Lots stores still operating in Michigan, including one in Lenawee County. While it’s unclear which stores will be saved, the sale agreement will keep hundreds of stores from shuttering.
The sale is pending approval from the Bankruptcy Court and other closing conditions.
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