COLUMBUS, Ohio (WSYX) — Big Lots announced Saturday that it has agreed to a sale transaction that will allow it to transfer the assets to another retailer.
“This sale agreement and transfer will preserve jobs, maximize real estate value and continue the Big Lots brand,” Bruce Thorne, president and CEO of Big Lots, said in a media release. “This is the strongest opportunity to ensure that.” “We are grateful to our employees across the country for their grit and resilience throughout this process.”
The agreed sale transaction with Gordon Brothers Retail Partners will result in the divestiture of Big Lots assets, including stores, distribution centers and intellectual property, from Variety, which operates more than 400 retail stores in the southeastern and mid-Atlantic regions of the United States. Easier transfer to retailers including wholesalers.
“We have reached a strategic agreement with Big Lots to partner with Variety Wholesalers to help Big Lots offer our customers exceptional value for money and an exceptional shopping experience,” said Gordon Brothers Retail Partners North America Director. We are pleased to have made progress that will allow us to continue to do so.” Retailer Rick Edwards said.
Variety Wholesalers expects to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand. In addition, Big Lots affiliates, as well as certain corporate affiliates, may be employed at acquired locations.
“We are excited to partner with Gordon Brothers to provide a path forward for the Big Lots brand and hundreds of its stores,” said Lisa Sagies, CEO of Variety Wholesalers. said. “I look forward to working with the members of the Big Lots team to realize the exciting opportunities ahead.”
