Big Lots, Inc. has reached a sales agreement with Gordon Brothers Retail Partners to transfer its assets to retailers including Variety Wholesalers. This move allows for the continued operation of its stores under the Big Lots brand and aims to preserve jobs amid financial restructuring.
Big Lots, Inc. has entered into a strategic agreement with Gordon Brothers Retail Partners to facilitate the transfer of its assets to various retailers, including Variety Wholesalers, Inc. This transaction allows for the potential acquisition of 200 to 400 Big Lots stores, which will continue to operate under the Big Lots brand. It also opens up employment opportunities for existing associates both at the stores and distribution centers that will be transferred, ensuring job preservation during this transition.
Big Lots, recognized as one of America’s leading closeout retailers, has been facing challenges that necessitated this strategic sale. The decision to collaborate with Gordon Brothers and subsequently with Variety Wholesalers is aimed at maintaining the continuity of the brand and safeguarding employment for hundreds of workers. With this move, Big Lots seeks to leverage the operational capabilities of Variety Wholesalers, aiming to sustain its market presence while navigating towards a more secure financial future.
The partnership between Big Lots, Gordon Brothers, and Variety Wholesalers is poised to preserve the Big Lots brand while retaining a significant number of jobs. This strategic maneuver is seen as essential to maximizing the value of the estate and providing customers with continued access to the Big Lots shopping experience. Approval from the Bankruptcy Court remains a crucial step before the finalization of this transaction.
Original Source: www.prnewswire.com
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