Bankrupt retailer Big Lots Inc., which planned to close all its stores, announced Dec. 27 it has a deal that will keep some of them open.
Big Lots said it plans to sell its stores, distribution centers and intellectual property to Boston-based asset liquidation firm Gordon Brothers Retail Partners LLC, which will then transfer some assets to Hendersonville, North Carolina-based Variety Wholesalers Inc.
Big Lots said Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand, and up to two distribution centers.
The release did not say which stores would remain open.
The release said Variety Wholesalers owns more than 400 retail stores in the Southeast and Mid-Atlantic under the Roses, Roses Express, Maxway, Bill’s Dollar Stores, Super 10, Super Dollar and Bargain Town brands.
There are three Roses, one Roses Express and one Maxway in Jacksonville, according to Rosesdiscountstores.com.
Big Lots said Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers.
Big Lots has four stores in Northeast Florida comprising three in Jacksonville and one in St. Augustine. This year it closed stores in Orange Park and Jacksonville Beach.
“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 news release. “We are grateful to our associates nationwide for their grit and resilience throughout this process.”
The agreement is subject to approval by the bankruptcy court.
Big Lots filed for Chapter 11 bankruptcy in September, had entered into an agreement to sell all of its assets and ongoing business operations to Nexus Capital Management LP, but that deal fell through.
The stores sell furniture, decor, pantry items, kitchenware, pet supplies and more.
The Wall Street Journal reported the company has largely posted consecutive quarterly losses since 2022. It said Big Lots operated more than 1,300 stores in the U.S. as of May, according to a recent SEC filing, down from 1,425 in early 2023.