The discount chain ‘Big Lots,’ which filed for bankruptcy protection in September, has reached a deal that will keep hundreds of its stores and distribution centers open. That according to new information obtained by the AP.
The future of the Big Lots chain and locations have been in flux. Just a week ago, it appeared all stores would close when a deal with Nexus Captial Managment to take over the stores, failed to materialize.
Big Lots said Friday it will now be selling to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers and other assets to other retailers.
“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,” Big Lots President and CEO Bruce Thorn said in a statement. “We are grateful to our associates nationwide for their grit and resilience throughout this process.”
The Columbus, Ohio-based company filed for bankruptcy in September, saying inflation and high interest rates caused consumers to pull back on their purchases of home and seasonal products, two categories the chain depends on for a significant part of its revenue, per the AP’s report.
As of Saturday evening, the Richmond stores phone message still says, “all stores will be closing soon,” so it is uncertain, at this time, how this latest development will affect each store.
