Updated Dec. 28, 2024, at 3:35 p.m.
CULLMAN, Ala. – In a turn of events, Big Lots, Inc. announced it “has agreed to a sale transaction with Gordon Brothers Retail Partners, LLC (‘Gordon Brothers Retail Partners’) that enables the transfer of Big Lots assets, including stores, distribution centers, and intellectual property, to other retailers and companies, including Variety Wholesalers, Inc. (‘Variety Wholesalers’), which owns more than 400 retail stores in the Southeast and Mid-Atlantic United States under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar, and Bargain Town banners.”
However, Cullman Big Lots employees on Saturday afternoon told The Tribune that the Cullman store is in fact closing.
According to a media release issued by Big Lots, “Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support the go-forward footprint.”
Big Lots President and CEO Bruce Thorn said, “The strategic sale to Gordon Brothers and the transfer to Variety Wholesalers is a favorable and significant achievement for Big Lots that reflects the tireless work and collective effort of our team. 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.”
Rick Edwards, Gordon Brothers Retail Partners’ head of North America retail, said, “We are pleased to reach this strategic agreement with Big Lots and partner with Variety Wholesalers to achieve a path forward that allows Big Lots to continue to serve customers with extreme bargains and an outstanding shopping experience.”
Lisa Seigies, Variety Wholesalers president and CEO, said, “We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores. We look forward to working with members of the Big Lots team to realize the exciting opportunities ahead.”
The agreement is subject to approval by the Bankruptcy Court and other customary closing conditions.
Original story below
CULLMAN, Ala. – Big Lots, Inc. in a press release announced it “does not anticipate completing its previously announced asset purchase agreement with Nexus Capital Management, though it continues to work toward completing an alternative going concern transaction with Nexus or another party. The Company’s goal would be to complete a sale by early January.”
The release said that in parallel with these efforts, Big Lots is preparing to commence going out of business (“GOB”) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate. This includes the longtime Cullman location at 1619 Town Square SW in the Town Square Shopping Center.
Big Lots President and CEO Bruce Thorn said in the release, “We all have worked extremely hard and have taken every step to complete a going concern sale. While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”
The release said the company is continuing to serve customers in-store and online, and will provide updates as available.
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